Credit Cards The OFT steps in to slash penalty charges

Last summer the Office of Fair Trading { mortgage rates } warned the credit card

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industry that its penalty charges were excessive and had to be reduced. The industry largely ignored the warning so now the OFT is to force massive reductions - by up to 40%.

Later this month, the OFT is expected to announce { motor insurance quotes } maximum levels for the charges the providers impose on those clients who breach their credit limits, who pay late or whose cheques bounce. { car insurance quotations } Rumours indicate that the cap will be around £15, perhaps lower, in comparison with the £20-£25 level so common within the industry.

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