Store card providers have been "let off the hook" by a Competition Commission report, according to the National Consumer Council.
The report announced measures compelling all providers to give more information about APRs on statements, and the most expensive to warn that cheaper credit is available elsewhere.
Is this enough to protect consumers? What effect will it have? Could it bring interest rates down? Could the Competition Commission have done more? If so, what?
The Competition Commission report is an important piece of public financial information which highlights the need for care in choosing any store card provider.
Informing any potential user that there are other means of "cheaper" credit available will help (we hope) a more considered decision to be taken.
This financial "health warning", like tobacco warnings, should be the only attempt by the Competition Commission to interfere in the transaction.
The APR, high or low, is the result of competition between the various providers and should not be interfered with.
Should house prices have a health warning attached? Beware!
David C Evans, Norton, Stockton-on-Tees
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