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Credit Cards The OFT prepares to cap charges
The Office of Fair Trading (loan quotations)
is at last preparing to take the big banks bad credit loans and other financial institutions that issue credit cards to task over charges. On credit cards, the average fee for exceeding the credit limit has climbed 40% to over £22. The charge for missing or late payments has also soared to over £22. (secured loan)
The OFT believes that these charges represent an illegal and life insurance advisers unfair penalty as the banks true costs of dealing with these situations are much lower. So it seems that the OFT is likely to try and cap such charges insurance at a figure closer to £15. The banks certainly wont be too keen on this, as such a decision would cost them in the region personal secured loans of £400 million per annum. We understand that the OFT could make an announcement in just a few weeks time.
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