Commenting on the OFT's decision to write to credit card companies to consult over excessive charges, Liberal Democrat Shadow Chancellor, Vince Cable MP said:
"With unsecured debt a staggering £7,080 per adult in this country, it is essential that credit card companies and banks act responsibly.
"The OFT must be more active in tackling anticompetitive behaviour by credit card companies. It has a mandate, provided by the Cruickshank report, and must not be afraid to use it.
"The OFT must work to make banking products more transparent. Consumers must be able to compare products to ensure they are getting the best deal."
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