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Citizens Advice responds to Lloyds' ban on credit card purchases of Bitcoin

Citizens Advice Chief Executive, Gillian Guy responded to Lloyds Banking Group banning its customers from using credit cards to purchase bitcoin and other cryptocurrencies

“This is a welcome announcement from Lloyds, and shows it recognises the risks of credit card customers running up debt they can’t afford - something that Citizens Advice sees the impact of every day.

“But crypto-currencies are just one part of the problem - one of the key causes of problem debt is credit card lenders providing credit limit increases to people already in financial difficulty without their consent.

“That’s why we’re calling on all credit card companies to play their part in making sure people do not take on unaffordable debt by scrapping uninvited credit limit increases.”

Notes to editors

  1. The Citizens Advice service comprises a network of local Citizens Advice, 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.
  2. 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.
  3. To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
  5. Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.
Original article link: https://www.citizensadvice.org.uk/about-us/how-citizens-advice-works/media/press-releases/citizens-advice-responds-to-lloyds-ban-on-credit-card-purchases-of-bitcoin/

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