Credit Card Companies On The Spot

Prime Minister Gordon Brown has revealed plans to force operators of credit and store cards do clean up their acts thanks to a series of measures aimed at protecting consumers to be unveiled during the coming week.

Mr Brown claimed that harsh practices such as relaxing credit limits without being asked, bumping interest rates on existing debts without explanation and issuing unsolicited credit card cheques must end.

His comments were announced via podcast, using the 10 Downing Street website and YouTube, 80 years to the day after the Wall Street Crash, in which he pledged to restructure the financial sector and return the UK economy to growth by the end of the year.

After the unexpected revelation that the UK economy slid by 0.4% during the third quarter of the year and was now in the longest recession since records began being compiled, the Prime Minister cautioned that it would be dangerous to jeopardise recovery by reducing spending at the present moment, as the opposition as been demanding.

Mr Brown said that despite seeing obvious signs of confidence to returning in some areas, we need to be careful. He added that now more than ever, the government must apply steady and clear policies.

He added that the fight to halt this global downturn turning into a second Great Depression is slowly being won because countries have been opened to co-ordinated interventions.

Talking about the moves he’s carrying out with credit arrangements, Mr Brown said the government is announcing steps which make the credit and store card companies clean up their acts and  offer British customers a better deal.