FCA Tells Credit Card Cos. To Help Consumers Deep In Debt

Law360, London (February 3, 2020, 12:51 PM GMT) -- The Financial Conduct Authority told credit card companies on Monday not to cancel the cards of consumers struggling to pay their bills and offer easier interest terms to help them repay debt.

Major credit card companies need to relieve terms on customers who are deeply in debt, the U.K.'s financial regulator said. (AP) Borrowers deep in the red would save a total of £1.3 billion ($1.7 billion) a year if lenders cut their interest payments, the FCA said. The finance watchdog said it is concerned that lenders are instead planning to cancel credit card use for customers who are in persistent...

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