Credit cards

MPs have stepped up their criticism of the interest rates being charged by credit card companies.

A hearing of the Commons Treasury select committee on Tuesday saw bank chiefs under the spotlight over their charges and marketing techniques.

The committee has been waging a campaign against irresponsible lenders and called for more information to be made available to customers about the true cost of their borrowing.

Party Response: Liberal Democrat

Norman Lamb MP, Liberal Democrat member of the Treasury committee, 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 21 who took his life after he found himself facing debts of over £15,000.