The government is to offer help to
credit card users to ensure they are being given a fair deal, it has emerged.
Many consumers face unwanted debt due to hidden charges levied by their
credit card companies, or being unaware of changing terms and conditions.
However, the government is to introduce new legislation next year which will require all card companies to issue standard electronic statements, which can then be uploaded to its forthcoming Moneymadeclear website.
By doing so, consumers will be able to fully monitor existing rates and receive recommendations for cards which are offering a better deal.
A government source said, "It is only right that consumers should have as much information as possible about the products they are using, which they can easily compare with other products to see if they can get a better deal.
"This is consistent with the key coalition principles of fairness and responsibility, as well as building on our work on transparency."
As well as being applied to
credit card companies, it is believed that the scheme will also be proposed to cover
savings accounts,
current accounts and
mortgages.
