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Government's crackdown on bank charges 'good news for consumers'

Government's crackdown on bank charges 'good news for consumers'

- Tuesday, 25 May 2010

The coalition government's plan to tackle unfair bank charges is 'good news' for consumers, according to an expert.

On May 20th the government announced that it would make card companies provide more information to borrowers to ensure they get the best deal and to end unfair bank charges such as those imposed when someone exceeds their overdraft limit.

Darren Cook, a spokesperson for Moneyfacts, which provides independent financial information, believes it is about time that the government addressed the issues surrounding bank charges.

He said: "It is about time they looked at the charges. They have to get the regulation together, as these charges normally affect the people who can least afford them. It is important we get this in an orderly fashion, so it is good news for the consumer."

Whitehall has also announced that it will define and ban excessive rates on credit and store cards, which could stop consumers getting into debt problems.

Through these proposals consumers could avoid credit-card debt through better choices and lower interest rates and not need debt help.

However Mr Cook warned that as providers will no longer be making money from these charges they could decide to add higher interest rates to their loans and cards. ADNFCR-2300-ID-19797276-ADNFCR
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