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Posted by Emily Jones

New rules governing the credit card industry have been welcomed by one individual.

According to Chris Tapp, director of Credit Action, they are a "step in the right direction".

Under the terms of proposals announced by the Labour administration, lenders will no longer be able to increase rates or limits on credit card debt for those individuals who are at risk of financial difficulty.

In addition, people will have 60 days to reject interest rate increases

The plans are designed to save consumers millions of pounds and to provide people with greater control over their finances.

Mr Tapp noted that his organisation is broadly in support of the measures.

However, more could have been done, he went on to claim, suggesting that the government could have gone further.

He added: "In terms of it being an opportunity to really overhaul the way that the credit card market works, it is a slightly more piecemeal reform from the fundamental change that we think is needed."

17/03/2010 15:25