Credit Card Companies Must Stop Recklessly Lending To Young People
10.23.00am BST (GMT +0100) Tue 19th Oct 2004
Norman Lamb MP, Liberal Democrat Member of the Treasury Select Committee, speaking after the Committee took evidence from the Chief Executives of the main credit card providers, said: "Credit card companies and banks have a duty to give clear information to all customers by telling it straight and simple.
"In the Committee meeting I raised the tragic case of a constituent aged twenty-one who took his life after he found himself facing debts of over £15,000.
"Banks and credit card companies are on the front line of our 'spend, spend, spend culture' and have to take responsibility for ensuring that they give clear advice and show costs in pounds and pence. That way all people, but especially younger people, know what they are getting into."
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