Personal Finances
04th February 2020

The Consumer Council welcomes the FCA’s reminder to firms of their obligations towards customers in persistent credit card debt

Scott Kennerley, Director of Financial Services at The Consumer Council, said: “It is good news that the regulator has reminded firms of their obligations toward customers who are struggling with ‘persistent debt’.

“Persistent debt is defined by the FCA as when a consumer has been paying more on interest, fees and charges than off their balance for 18 months or more.

"The obligations to credit card providers are that they should:

  1. Identify all consumers still in persistent debt at 36 months and help them repay their balance more quickly;
  2. Treat customers who cannot afford to increase their repayments with forbearance; and
  3. Remember the persistent debt rules also apply to customers in arrears."

Further information:

To read the full document, please visit the FCA website.

For help managing your money, please see our free online interactive budgeting tool.

The Consumer Council also has a Borrowing Money leaflet, available on our website.