Credit card companies are being told to end sudden rises in charges after Gordon Brown criticised some of them over claims that they were exploiting the vulnerable during the recession.
Mr Brown, who is said to be deeply concerned about the behaviour of some companies, called yesterday for a “new responsible approach” to lending as the companies were summoned to talks with the Government.
Lord Mandelson, the Business Secretary, called on companies last night to pass on rate cuts and treat their customers fairly and sympathetically. He wants the companies to work with the Business Department on how to deal with debt.
A survey of more than 200 cards by Defaqto, a banking research group, found that although the Bank of England reduced its rate to 3 per cent, the cost of borrowing on cards rose to 17.6 per cent and rates on store cards rose to 25 per cent.
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