Norman Lamb: credit card charges still not transparent enough

11.28.00pm BST (GMT +0100) Thu 22nd Apr 2004

Norman Lamb, will declare in debate today that although customer credit information is improving since the report of the Treasury Select Committee, much more needs to be done.

"I will continue to press the case for the cost of credit to be shown in pounds and pence by using clear examples", Norman Lamb said before going into today's debate in the House of Commons. "I will call on those companies who support this concept to launch that information on a competitive basis. We want to maintain the pressure on other companies to follow suit."

Norman Lamb will also campaign for financial literacy education in schools to help people improve their understanding of financial products. "It's vitally important that consumers know how to make financial decisions wisely, or we risk more and more households becoming trapped in a downward spiral of debt," commented Mr Lamb.

"With overall household debt in the UK soon to hit £1trillion", added Lamb, "the industry needs to take more responsibility, for both individual households that get into trouble and for the wider impact of debt on the British economy."

Notes:

Debate: Transparency of Credit Card Charges - Norman Lamb MP

Westminster Hall, 2.30 pm, Thursday 22/04/04. Until 5.30 pm