CAB - Citizens Advice helped with nearly 200,000 credit card debt problems in 2013
4 Apr 2014 12:06 PM
Following news yesterday
that the Financial Conduct Authority plans to review the credit card debt
market and the treatment of people in financial trouble, the Chief Executive of
Citizens Advice has said that an investigation must put consumers at its
heart.
Citizens Advice Chief Executive,
Gillian Guy, said:
"Borrowers can all too
easily fall into a credit card debt spiral. As people struggle to come to terms
with the impact of the economic downturn, the interest on credit card debts and
other loans can add even more pressure to already stretched household budgets.
Last year our advisers helped with nearly 200,000 problems with credit
card debt. A thorough review of the market, which places consumers at the
centre, is welcome.
"When people are struggling
to make ends meet it can be tempting to turn to a quick-fix which ends up doing
long-term damage. It's important that we maintain a competitive credit
market, and this investigation must ensure there are safeguards in place to
prevent people taking on unmanageable debt. Giving people better information
about the debt they are taking on and how to repay it must feature in the
FCA's inquiry."
Citizens Advice
Notes to
editors
- This year the Citizens Advice
service celebrates its 75th anniversary. We’ve planned a year of activity
running from January to December 2014. Contact the press office to find
out more.
- The Citizens Advice service
comprises a network of local bureaux, all of which are independent charities,
the Citizens Advice consumer service and national charity Citizens Advice.
Together we help people resolve their money, legal and other problems by
providing information and advice and by influencing policymakers. For more see
the Citizens Advice
website.
- The advice provided by the
Citizens Advice service is free, independent, confidential, and impartial, and
available to everyone regardless of race, gender, disability, sexual
orientation, religion, age or nationality.
- To find your local bureau in
England and Wales, visit www.citizensadvice.org.uk. You can also get advice online atwww.adviceguide.org.uk
- You can get consumer advice from
the Citizens Advice consumer service on 08454 04 05 06 or 08454 04 05 05 for
Welsh language speakers
- Citizens Advice Bureaux in
England and Wales advised 2.1 million clients on 6.6 million problems from
April 2012 to March 2013. For full 2012/2013 service statistics see our
quarterly publication Advice
trends
- Citizens Advice service staff
are supported by more than 22,000 trained volunteers, working at over 3,000
service outlets across England and Wales.