Credit cards

Credit card firms have been told by a committee of MPs to offer consumers clearer information and a fairer deal.

The Treasury select committee's report into the credit card market said card penalties should be reasonable and interest rate charges made clear.

The report also called for less small print on loan agreements and for lenders to swap more customer records to stop people racking up huge debts.

But the report noted that the industry had taken steps to improve matters.

Party Response: Liberal Democrats

Norman Lamb, Liberal Democrat Treasury spokesman, said: "This report acknowledges that significant progress has been made but there is still a long way to go.I have concerns about the scale of charges for breaching overdraft limits and missing payment deadlines.