Credit card companies still taking advantage of the complexity of their product

Commenting on the demands by the consumer organisation Which? that the Office of Fair Trading needs to investigate the way credit cards charge interest, Liberal Democrat Shadow Chancellor, Vince Cable MP said:

"The credit card companies were told by the Office of Fair Trading several years ago that they must demonstrate their charges in a much more transparent and consistent way.

"Credit card companies still seem to be up to their tricks and taking advantage of the complexity of their product. Even financially well-informed consumers find it difficult to see the hidden charges.

"It really is time that the OFT showed that it had some teeth and is willing to act."