More than 3 million Britons accomplish not pay off debts in full,making them profitable for companies which have few incentives to change this, says FCA reportCredit card companies are not doing enough to aid more than 3 million customers struggling with persistent debt, or according to the City regulator.
In an interim report on the credit card market,the Financial Conduct Authority said 2 million people have debts they are struggling to shake off and 1.6 million habitually make minimum payments on their borrowings. The watchdog famous that such customers are profitable for card providers, and firms “therefore have fewer incentives to aid these customers.
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Source: theguardian.com