Citizens Advice responds to Lloyds' ban on credit card purchases of Bitcoin
In response to Lloyds Banking Group banning its customers from using credit cards to purchase bitcoin and other cryptocurrencies, Citizens Advice Chief Executive, Gillian Guy said:
“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
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