The majority of the UK population continues to benefit from the availability of credit but a minority are facing problems with excessive debt, a government report claims.
More costly credit and more difficulty in obtaining credit for those with adverse credit histories could be the outcome of new rules coming into force on 31 October with changes to the Consumer Credit Act, warns consultant Datamonitor.
The Treasury Select Committee's second report into consumer credit has outlined specific changes that would radically alter the look and feel of credit agreements.
The government has rejected criticism of the DTI's handling of consumer credit reform and says consumers taking out credit agreements in future will be markedly more protected by pending legislation, according to comments received by the Treasury Select...