Credit Card Proposals a Step in the Right Direction

As the Government sets out plans to reign in irresponsible credit card lending, Mark Bower, founder of money saving website moneymaxim.co.uk comments on the proposals:

Monday 15th March, 2010: As the Government sets out plans to reign in irresponsible credit card lending, Mark Bower, founder of money saving website moneymaxim.co.uk comments on the proposals: “The changes proposed are a further step in promoting 'fairness' between the credit card companies and their customers. Last autumn the FSA forced through changes that have resulted in the credit and debit card companies having to refund unauthorised or unusual transactions on cardholder’s accounts, and now the companies themselves are addressing some of the practices that have resulted in most criticism being levied at them. “A further change we would have liked would have been the option for customers facing an increased interest rate on their credit card debt to be able to freeze the account, and make regular reductions to it at the old interest rate, but all in all the proposals are a step in the right direction. “Consumers should be aware though that once the changes come into force they should reconsider whether the card they have is still the best for them. “Nationwide and Saga cardholders currently benefit from payments being allocated favourably, but if this competitive difference is removed any cardholders currently with them could find alternative credit cards are better value, possibly offering lower interest rates or cashback offers similar to those currently being introduced by Barclaycard, under the new Barclaycard Freedom banner.” Moneymaxim.co.uk urges customers to compare Credit Cards online to find the best deals. For more information on credit cards visit - https://www.moneymaxim.co.uk/articles/credit-cards-best-buys.htm Notes: Mark Bower, Founder and Director of Moneymaxim.co.uk is available for interview. Contact; Dale Lovell at Search News Media on 01753 861 207 / 0779 1414 681 or email: dlovell@searchnewsmedia.co.uk About Mark Bower: Mark founded moneymaxim in 2008, with the aim of delivering an impartial and independent service both online and through telephone money saving specialists. During a career in both banking and online financial services on seeing the mistakes of previous downturns being repeated again this time round he decided enough was enough and decided to leave the industry to run a company the way he wanted it run – for the benefit of customers. Well versed in all matters of personal finance, and with refreshing views on banking, personal insurance and the utilities (gas, electricity, mobile and home phones, broadband and pay TV) market Mark can happily provide insightful and thought provoking comments on all matters affecting personal finance and household budgeting. Experienced TV, radio and print interviewer. About moneymaxim.co.uk: Launched in 2008 by Mark Bower moneymaxim.co.uk aims to deliver an impartial and independent service both online and through telephone money saving specialists. www.moneymaxim.co.uk