Liberal Democrats in Business

News and views from the Lib Dem Trade and Industry Team, Vince Cable and Brian Cotter

Credit Card Charges Still Not Transparent Enough

5.32.00pm BST (GMT +0100) Thu 22nd Apr 2004

Liberal Democrat MP Norman Lamb today warned that although customer credit information is improving since the report of the Treasury Select Committee, much more needs to be done.

Mr Lamb said: "I will continue to press the case for the cost of credit to be shown in pounds and pence by using clear examples."

"I urge companies which support this concept to launch that information on a competitive basis. We want to maintain the pressure on others to follow suit."

Mr Lamb also aims to campaign for financial literacy education in schools to help people improve their understanding of financial products.

"It is vitally important that consumers know how to make financial decisions wisely, or we risk more and more households becoming trapped in a downward spiral of debt", he said.

"With overall household debt in the UK soon to hit £1trillion, the industry needs to take more responsibility, for both individual households that get into trouble and for the wider impact of debt on the British economy."

ENDS

Notes:

Norman Lamb made his comments in the debate on Transparency of Credit Card Charges in Westminster Hall on Thursday 22 April 2004.

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