Tories outline credit card plans

By UK CreditCards.com

Tories outline credit card plansConsumers will receive warnings on credit card statements if the Conservatives come into power.

Under the Tories, credit card providers will be obliged to inform consumers of the level of debt they will reach if they only make minimum monthly payments.

The party undertook research which found that cardholders with £3,000 of debt on a 17.9% interest rate card would take 41 years to pay it off if they paid 2% each month. Additionally, they would end up paying their provider around £6,300. However, shadow chancellor George Osborne suggested that card issuers could also benefit from the measures.

"These policies will help consumers make more informed financial decisions. They are also beneficial for the financial services sector, which writes off billions of pounds of personal loans a year," he said.

The Conservatives lead Labour in most major opinion polls. The next general election must be held on or before 3 June 2010.
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Published: 8 May 2009