Submitted on Saturday 28th July 2018
Published on Tuesday 7th August 2018
Current status: Closed
Closed: Thursday 7th February 2019
Signatures: 25
The practice of unsolicited credit limit increases should be banned.
The Financial Conduct Authority has limited the use of unsolicited credit card limit increases, but it is not enough. There are still people actively being given these when there is no hope of them paying them off if they used them.
The FCA reports: "Our analysis of 2014 data showed that receiving a credit limit increase is associated with an increase in spending, with accounts that received a credit limit increase having an average balance £458 higher at the end of the year. The average credit limit increase was £1,321."
The finance industry is therefore actively encouraging people to spend more money and get further into debt.
https://www.fca.org.uk/publication/consultation/cp17-43.pdf
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