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Citizens Advice responds to FCA report on credit card market

26 July 2016

Today, Citizens Advice responds to the Financial Conduct Authority's final findings report on the credit card market. 

Citizens Advice Chief Executive Gillian Guy, said:

“Too many people are paying over the odds for their credit card debts.

“Paying off the minimum amount on credit card bills each month means people are stuck in cycles of debt for much longer - while interest charges rack up.

“The FCA’s report rightly highlights that banks could do more to help customers repay their debts more quickly where possible.

“In the last year local Citizens Advice helped people with over 140,000 credit card debt issues. If you are struggling with your finances, it is important to get free debt and money advice as soon as possible to find a way forward and avoid spiralling debts.”

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.