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More credit card transparency better for all, debt company states

Thu, 28 Jun 2007

A UK debt advice service has said that the Office of Fair Trading's plan to make credit card pricing more transparent for consumers will be good news.

A spokesman for The Debt Advice Bureau made the comments when asked whether increased consumer awareness will serve to help credit card customers or encourage more consumers to apply for credit cards.

Describing the Office of Fair Trading's decision as a "boon" for the marketplace, Stephen Rose, the company's director, went on to say that customers will be able to make a more informed decision if they are fully aware what charges and rates apply to their credit cards.

"There is a lot of information there already and there has been progress made in recent years – the clarity of rates and charges – but anything that adds to that has got to be good for the consumer," he remarked.

The Office of Fair Trading made the move towards credit card transparency after receiving a "super complaint" from consumer watchdog Which?, although the company called its response "shy".


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