Credit card debt could be reduced by new summary box

A new summary box could help credit card debt, according to experts.

Changes in the way credit cards are advertised could give potential customers more information, including what kind of interest rates to expect, and it is hoped that this will encourage consumers to shop around and choose the best deal.

All credit card marketing will have to include a summary box by the end of June which will provide consumers with information about the card in a standardised format. It is hoped that the new format will also encourage competition between credit card companies to offer better rates.

Michelle Whiteman, the coporate communications officer at payments association, Apacs, said: "The summary box was revised after research undertaken by the credit card industry revealed that information formatted in tabular, bullet point or numbered list made it simpler for consumers to compare the products."

Apacs have said they hope that the new marketing system will improve the transparency of credit card deals.