Credit market ‘dishonest and unethical’

A study by advice site IVA.co.uk found that 96 per cent of respondents think the credit card industry should be better regulated, while 89 per cent are in favour of additional regulation of banks.

When asked about the issue of trustworthiness, 55 per cent said they did not trust credit card providers at all, although this figure fell to 38 per cent when asked about banks.

And 71 per cent think that credit card providers are unethical, while banks fared little better at 59 per cent.

According to Business Credit Management, the survey also reveals that Britons are putting the blame on the lenders for the UK’s growing debt mountain, with 85 per cent believing it is too easy to get credit.

The Debt Counsellors has said that credit card debt is the chief cause of debt in the country.

A website spokesperson commented: “These findings indicate a growing doubt amongst consumers and confusion as to who to trust, and where to turn for advice.”

The Office of Fair Trading, which was last year forced to cap credit card charges, is currently looking into the issue of bank penalty charges, which many see as punitive and disproportionate.

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