Mark Tami MP backs Government plans to tackle credit card firms’ unfair lending terms

Oct 29 2009 by Mark Dowling, Flintshire Chronicle

ALYN and Deeside MP Mark Tami has welcomed Government plans to end unfair lending terms by credit card companies.

Plans set out by the Labour Government will see restrictions set on increasing the interest rate on existing debt.

In addition, the most expensive debt will be paid off first, reducing the overall cost of lending.

Mr Tami said: “During this difficult economic time I want to do what I can to help local people manage their finances and cope with repaying their debts.

“Whether its over-the-top charges in credit card bills, credit repayments or the high cost of credit on things like store cards, it’s clear that something needs to be done to help consumers.

“I will push for the Government to ban or at least restrict the re-pricing of existing debt.”