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Credit Cards

Volume 712: debated on Thursday 16 July 2009

Question

Asked by

To ask Her Majesty's Government what proposals they have to ensure credit card companies explain in understandable language in a prominent position and in large type on their statements the details of any offer they are making to their clients. [HL4620]

The new European directive on consumer credit requires lenders to present details of key features of prospective agreements in a standardised form and to provide adequate explanations. The directive must be implemented by June 2010 and the Government have been consulting on how we can adapt these requirements to ensure UK consumers are better informed about offers of credit.