Crackdown On Extortionate Card Payments Over-Due
April 12, 2006 12:00 AM
Commenting on the European Commission's report that the EU credit card industry is too confined to national markets, generating huge discrepancies in customer charges from country to country, Liberal Democrat Competition Spokesperson, Sharon Bowles MEP said:
"The Commission's preliminary report is to be welcomed. Consumers and businesses have been getting a rough deal for far too long on credit cards.
"This announcement, coming on the back of a similar announcement by the UK Office of Fair Trading last week, means that credit card customers, whether it be for late payments or using their cards abroad, are now far more likely to be spared extortionate payment costs.
"Unless the credit card companies fall into line they are likely to face the consequences in the form of anti-trust legislation."
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