Liberal Democrats in Business
News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum
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Liberal Democrats in Business News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum |
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Credit Card Companies Must Stop Recklessly Lending To Young People10.23.00am BST (GMT +0100) Tue 19th Oct 2004 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: "Credit card companies and banks have a duty to give clear information to all customers by telling it straight and simple. "In the Committee meeting I raised the tragic case of a constituent aged twenty-one who took his life after he found himself facing debts of over £15,000. "Banks and credit card companies are on the front line of our 'spend, spend, spend culture' and have to take responsibility for ensuring that they give clear advice and show costs in pounds and pence. That way all people, but especially younger people, know what they are getting into."
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[ Related News Stories:Mon 2nd Apr 2007: [Credit card companies still taking advantage of the complexity of their product - Cable] Tue 26th Jul 2005: [OFT Must Clamp Down on Anticompetitive Behaviour by Credit Card Companies - Cable] Thu 22nd Apr 2004: [Credit Card Charges Still Not Transparent Enough] Tue 16th Mar 2004: [Time Has Come To Tackle Credit Card Complexities - Cable] Thu 18th Dec 2003: [Credit Card Report Blows Gaff On Unnacceptable Practices] Mon 10th Nov 2003: [Credit Card Fraud Great Cause For Alarm] Wed 29th Oct 2003: [Lending Figures Leave People Brutally Exposed] Thu 16th Oct 2003: Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB. The views expressed are those of the party, not of the service provider. |
