The Government has agreed a new set of principles with the credit card industry. The industry has committed:
- to give customers alternatives when they plan to raise interest rates, including paying off the entire loan at current rates;
- to give at least 30 days' notice of any increase in rates; and
- not to increase rates for customers who are at least two months behind in minimum payments and have taken debt advice.
The new principles take effect from 1 January and BSCB will police compliance with them.