Government to review consumer debt

The government has announced plans to investigate how they can make dealing with debt easier for consumers.

The Treasury and Department for Business (BIS) want to find how people can better manage their borrowing and improve the debt help available for those who get into financial problems.

The departments will be looking at unfair bank charges, new consumer-friendly rules for credit cards and store cards and how people deal with personal insolvency.

The new rules may involve a cap on high interest rates for cards and making debt help easier to understand.

Consumer minister Ed Davey notes that the government wants to "encourage both [customers and lenders] to take responsible decisions and to strengthen protection where necessary – particularly for the most vulnerable".

Kevin Still Director of Atlantic Financial Management welcomes the move saying "Many Britons are still in the dark when it comes to their debt problems, and the often confusing language used by banks and financial institutions doesn't help.

At Atlantic we try to make our debt solutions offering as simple as possible, so consumers can find the form of debt relief most suited to their circumstances".

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