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Credit card debt rules suspended until October due to coronavirus crisis

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STRUGGLING credit card users who only make minimum repayments are being given more time to get out of persistent debt.

 

It comes following concerns over the financial impact the coronavirus outbreak could have on people’s money.

Responding to the health crisis, the Financial Conduct Authority (FCA) said it is suspending its persistent debt rules until October at the earliest.

Previously, credit card holders who regularly struggle to make repayments were told they faced having their cards cut off starting last month if they failed to respond to warnings from their lender.

Credit card providers were first told by the FCA to start notifying customers of the changes in September 2018.

Customers targeted by the changes include those who’d spent the previous 18 months only repaying the minimum amount of their debt.

 

https://www.thesun.co.uk/money/11193804/coronavirus-debt-credit-card/


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