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Consumer Credit : Brown's Plan to reduce Credit Card Borrowing Limits
- By Didier Delmer
- Published 26/03/2009
- Economy, Markets
- Unrated
Didier Delmer
"The Didier Delmer Daily News Watch"
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- VP International at Newcom Inc (Nasdaq listed),
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It is part of a package of measures unveiled by the Prime Minister on Tuesday to help consumers struggling to make ends meet during the economic downturn, and to prevent people getting further into debt.
Speaking at an event hosted by consumer organisation Which?, Gordon Brown also set out plans to clarify rules for the bailiff industry ahead of full independent regulation.
The PM said :
“We will bring forward legislation to stop irresponsible credit card practices and I know that we have to deal with two particular problems - unsolicited rises in people’s credit limits and unsolicited credit card cheques which come to people. In the legislation we will bring forward, we will bring in greater control over this and, I believe, will help to clear up some of the very bad practices in the credit card market.”
Ministers are currently reviewing the provision of debt advice in the UK in a bid to ensure demand for help is met.
Mr Brown also announced that in the summer, the Government will publish a White Paper on action to help consumers and modernise consumer rights.
Later this week, the Government is expected to set out action to tackle fraud - which costs the UK £14 billion a year - and to protect consumers from scams and get-rich-quick schemes.
Speaking at an event hosted by consumer organisation Which?, Gordon Brown also set out plans to clarify rules for the bailiff industry ahead of full independent regulation.
The PM said :
“We will bring forward legislation to stop irresponsible credit card practices and I know that we have to deal with two particular problems - unsolicited rises in people’s credit limits and unsolicited credit card cheques which come to people. In the legislation we will bring forward, we will bring in greater control over this and, I believe, will help to clear up some of the very bad practices in the credit card market.”
Ministers are currently reviewing the provision of debt advice in the UK in a bid to ensure demand for help is met.
Mr Brown also announced that in the summer, the Government will publish a White Paper on action to help consumers and modernise consumer rights.

Later this week, the Government is expected to set out action to tackle fraud - which costs the UK £14 billion a year - and to protect consumers from scams and get-rich-quick schemes.

