There are worries emerging that consumers may not end up being better off once the Chancellor introduces new credit card reforms.
So far, George Osborne has indicated that he will give regulators new powers to ban ‘excessive’ interest rates on credit cards and store cards.
This comes after evidence emerged about retailers making inappropriate levels of credit available for individuals.
However, the Finance Leasing Association has told the Financial Times that the industry has already seen months of consumer protection regulation and that the new measures could risk the credit market getting even smaller than it is now.
They warn that this could result in fewer providers who will feel that they can charge higher interest rates, but not so high that they are deemed ‘excessive’.
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