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A report by APACS has revealed that the credit card industry has made progress
on improving levels of transparency and data sharing in an attempt to support
responsible lending.
The report outlines the steps made by the industry benefit consumers, and gives
an update on responsible lending initiatives such as increased data sharing.
During the past year, the report says, the industry has focused its efforts on
improving the information available to consumers to help them make responsible
borrowing decisions.
Lenders have also continued to work together to agree guidelines for responsible
lending.
Recent initiatives include the introduction of standard terminology to help
consumers more fully understand terms and expressions regarding interest rates
and charges, agreeing to increase data sharing to help prevent
over-indebtedness, and the introduction of best practice guidelines and consumer
advice guides.
Paul Smee, chief executive at APACS, explained: "The past year has seen the
credit card industry make significant progress on the transparency agenda.
"The results of our initiatives can be seen in recent data, which suggests
cardholders are becoming more responsible in the way that they borrow, reining
in their spending and focusing on repayments."
Source:
Getting Paid
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