With millions pf consumers facing debt management difficulties, the OFT is hoping to make relevant information more readily available to the public by working with the various credit card providers around the country.
Explaining the reasons for the initiative, the OFT’s chief executive John Fingleton said: “Credit card pricing has become increasingly complex, with many new dimensions such as interest free periods.
“While these new pricing dimensions give additional choice and value to consumers, they can make it harder for consumers to make informed decisions.”
The plans revealed by the OFT form part of the organisation’s response to a so-called super complaint it received from the consumer group Which?, that suggested Brits are often unclear about the financial details relating to their own credit card deal.
Figures from the Post Office recently showed that around 60 per cent of the UK’s credit card users do not take advantage of the benefits they are entitled to.