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Unsolicited credit card cheques to be banned
The government has announced a series of reforms to help consumers struggling with debt, including cracking down on unsolicited credit card cheques.
In a new white paper released yesterday (July 2nd), the government outlined plans to prevent lenders from raising borrowers' credit limits without their consent or from increasing interest on their existing debts.
The proposals come after a recent report by consumer group Credit Action, which revealed that personal debt in the UK has now reached a total of £1,459 billion.
It found that the combined average household debt stands at £58,360 and that total consumer lending for May alone was £233 billion.
Business secretary Lord Mandelson said: "We're already providing targeted help to protect people from falling into debt and to support those who get into difficulty.
"But we need to do more. Our aim is to help consumers make better informed borrowing decisions."