Credit card firms should open up market

Published on 19 May 2010 by Raffick Marday

Credit card firms should open up marketCredit card companies should be more generous with who they lend money to, according to an expert.

Mark Huggins from AA Financial Services believes that in order to help the sector’s reputation, they should provide “affordable lending solutions” to the majority of the UK population.

“Although we must all take a responsible approach to lending, that doesn’t mean becoming so risk-averse that we simply exclude millions of creditworthy consumers,” he commented.

Although Credit Action put credit card debt at £60bn and the UK’s collective limit at close to £160bn (£158bn), the credit isn’t being shared around fairly.

Mr Huggins suggests one way to solve this is matching customers to the best provider for them, rather than the current “hit and miss” approach.

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