House of Commons portcullis
House of Commons
Session 2003-04
Publications on the internet
Treasury Committee Publications

Treasury - First Report

Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 10 December 2003.


CONTENTS


Terms of Reference

 

REPORT

Summary

The issues

Transparency

Transaction / penalty charges

Over-indebtedness and responsible lending

Store cards

Conclusion


1  Introduction

This Inquiry

The credit card industry

The level of interest rates charged

Regulatory environment

Self-regulation

European regulation


2  Transparency: increasing clarity in credit card charges

Transparency and competition

Summary Box

The need for a summary of key information

Content of Summary Box

Format and placing

Information on monthly statements

Annual Percentage Rates (APRs)

Interest calculation method

Risk-based pricing

Order of payments

Transaction / Penalty charges

Transparency

The level of fees charged

Promotional rates


3  Over-indebtedness and responsible lending

Over-indebtedness

Responsible lending

Automatic raising of credit limits

Increasing overall credit availability on transfer/conversion of balances

Inadequate credit checking

Credit card cheques

Minimum repayments

Other marketing practices

Payment protection insurance

Responsible borrowing


Store Cards

Background

Transparency

Interest rates

Retailers' responsibility

Point of sale practices

Conversion of store cards to credit cards


Financial literacy

Raising standards

Education in relation to debt


Conclusion

Conclusions and recommendations

 

Formal minutes of the Committee relating to the Report

Witnesses

List of written evidence

List of unprinted written evidence

List of Reports




MINUTES OF EVIDENCE - VOLUME II (HC 125-II)




WRITTEN EVIDENCE - VOLUME II (HC 125-II)




 
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Prepared 18 December 2003