Credit Card Sharps Must Tell It Straight

12.37.52pm UTC (GMT +0000) Thu 16th Oct 2003

Norman Lamb MP, Lib Dem Treasury Select Committee Member

Norman Lamb MP, Liberal Democrat Member of the Treasury Select Committee, speaking after the Committee took evidence from the Chief Executives of the main credit card providers, said: "The debt time-bomb is threatening to make ordinary people's lives a misery and derail the Chancellor's plans."

"People are grouping around in the thick fog of charges, interest free credit periods, misleading introductory offers and sharp marketing practices."

"There does not seem to be any general commitment by the credit industry to tell it to people straight and simple."

"We need clear illustrations on all credit promotions that show the costs in pounds and pence, so people know exactly what they are getting into."