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Curbing Credit Card Debt

John Battle, MP for Leeds West has backed new proposals to help curb the dangers of credit and store card debt. Speaking on the Radio Leeds Breakfast Show this morning, Mr Battle supported the Governments new proposals on how credit and store card companies should manage their customers’ debt, which will be officially announced later today.

The proposals include; increasing the minimum monthly payment, tighter rules on increasing interest rates on existing debt, allowing customers to pay off their most expensive debt first and banning the practice of increasing credit limits without the customers’ prior consent.

Mr Battle, did, however, warn that for many people who do not have access to a bank account, the biggest debt threat remains the door to door lenders in their own communities.

Consultation of the proposed changes to credit and store card regulation will be taking place until 19th January 2010. You can find out more information about these proposals and have your say by clicking on the link below.

http://www.direct.gov.uk/en/Nl1/Newsroom/DG_181849

If you would like information or advice about dealing with debt you can contact the National Debtline on 0808 808 400 or visit www.nationaldebtline.co.uk If you would like advice about how to deal with a loan shark in your local community you can call the Loan Shark Hotline on 0300 555 2222.

 ©John Battle MP 27 October 2009