New Consumer Laws Target Irresponsible Lending

Consumer minister Kevin Brennan announced new consumer laws today targeting irresponsible lending by banks and other lenders in the UK. Top of his hit list are those offering loans with excessively high interest rates, cards with hidden charges, unauthorised increases to credit limits and payday loans with APR's in excess of 1000percent.

While many greet the new laws with open arms, critics claim had this been implemented earlier the UK may not be in such a terrible financial mess. The people who will mainly suffer from this new legislation are the lender who are set to be monitored far more closely and even some of their products banned should they be found guilty of breaking the new laws.

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New Consumer Laws Target Irresponsible Lending

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.