Wired-GOV Newswire (news from other organisations)
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CAB - Citizens Advice helped with nearly 200,000 credit card debt problems in 2013
Following news yesterday that the Financial Conduct Authority plans to review the credit card debt market and the treatment of people in financial trouble, the Chief Executive of Citizens Advice has said that an investigation must put consumers at its heart.
Citizens Advice Chief Executive, Gillian Guy, said:
"Borrowers can all too easily fall into a credit card debt spiral. As people struggle to come to terms with the impact of the economic downturn, the interest on credit card debts and other loans can add even more pressure to already stretched household budgets. Last year our advisers helped with nearly 200,000 problems with credit card debt. A thorough review of the market, which places consumers at the centre, is welcome.
"When people are struggling to make ends meet it can be tempting to turn to a quick-fix which ends up doing long-term damage. It's important that we maintain a competitive credit market, and this investigation must ensure there are safeguards in place to prevent people taking on unmanageable debt. Giving people better information about the debt they are taking on and how to repay it must feature in the FCA's inquiry."
Notes to editors
- This year the Citizens Advice service celebrates its 75th anniversary. We’ve planned a year of activity running from January to December 2014. Contact the press office to find out more.
- The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
- The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- To find your local bureau in England and Wales, visit www.citizensadvice.org.uk. You can also get advice online atwww.adviceguide.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 08454 04 05 06 or 08454 04 05 05 for Welsh language speakers
- Citizens Advice Bureaux in England and Wales advised 2.1 million clients on 6.6 million problems from April 2012 to March 2013. For full 2012/2013 service statistics see our quarterly publication Advice trends
- Citizens Advice service staff
are supported by more than 22,000 trained volunteers, working at over 3,000
service outlets across England and Wales.