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Consumer Credit and Debt
Consumers are key to a thriving and robust UK economy
The Government understands that the downturn has put an unprecedented strain on individual and family budgets. Many are struggling with high levels of unsecured debt.
We are determined to learn lessons from the experience of the credit crunch and are taking immediate steps to improve the UK’s consumer credit regulatory regime for the future. We want to see a credit market emerge in a better shape, with fairer outcomes for consumers, and contributing to, rather then potentially operating against wider financial stability.
The Consumer White Paper “A Better Deal for Consumers: Delivering Real Help Now and Change for the Future” outlined a series of effective and targeted measures, including a review of the Credit and Store Card market in response to the economic downturn. We believe these are the right measures to strike the correct balance between protection against over-indebtedness and ensuring credit remains accessible to the majority of consumers. Further reforms to UK consumer credit rules are also being introduced through the implementation of a European Directive on consumer credit.
Latest News
Credit and Store card Review
On 27 October 2009 the Department launched a public consultation into the regulation of credit and store cards. The consultation will consider areas where vulnerable consumers may be most at risk, including where further regulation is needed.
Unsolicited credit card cheques
In the Consumer White Paper, the Government announced it will bring forward legislation to ban the sending of unsolicited credit card cheques. Legislation will be brought forward though the Financial Services Bill which was introduced on 19 November 2009.
Debt management consultation
On 18 September 2009 the Department jointly with the Ministry of Justice and the Insolvency Service, launched a consultation on debt management schemes. The consultation considers options for improving the way debtors deal with indebtedness, including ways in which debt management schemes could be improved so that schemes are more effective at helping those in debt.
Consumer Policy monthly e-bulletin
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