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A Better Deal for Consumers: Review of the Regulation of Credit and Store Cards

Open date: 27 Oct 2009

Closing date: 19 Jan 2010

Response date: 14 Mar 2010

We want to secure a better deal for consumers, giving them improved control of credit and store card borrowing, whilst ensuring that any intervention is proportionate, transparent and targeted.

Areas for consultation

We are looking at five areas:

  • Allocation of payments – lower interest debts being paid off first
  • Minimum payments – minimum payments only covering interest, not capital
  • Unsolicited credit limit increases – card limits going up without your consent
  • Re-pricing of existing debt – increased interest rates without proper explanation
  • Simplicity and transparency – making the costs of using a card simpler to understand and easier to compare alternatives

Visit the Credit and Store Card Consultation website

Download the consultation

Download the government response