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StepChange Debt Charity response to FCA credit card market study

Following the Financial Conduct Authority’s (FCA) announcement of the terms of reference for its credit card market study, Mike O’Connor, Chief Executive of StepChange Debt Charity said:

“We welcome today’s announcement by the FCA. Too many people are using credit as a safety net when all too often it is a trap which leads to problem debt. Credit card debt is one of the most common debt problems we see. Many people are struggling with multiple debts, high balances and interest rates.

“People will always need to borrow to cope with the up and downs of income and the costs they face, but we need to ensure that the credit market is operating in the best interests of consumers and with good levels of protection, especially for vulnerable people. None of us want to see a return to the bad old days of credit card lending prior to the financial crisis.”

Notes to editors:

1. The average StepChange Debt Charity clients holds 2.7 credit cards

2. The average total credit card debt of StepChange Debt Charity clients is £9,047

StepChange Debt Charity news contacts

Contact the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016