Britain's markets watchdog on Friday proposed enabling consumers to extend a payment freeze on their credit cards by a further three months, as part of measures to support borrowers in difficulties due to the coronavirus pandemic.
FILE PHOTO: A Union Jack themed Visa credit card is seen amongst British currency in this photo illustration taken in Manchester, March 13, 2017
Those who had not yet asked for a payment freeze on credit cards or for an interest-free overdraft of up to 500 pounds could also seek one up until Oct 31, the Financial Conduct Authority said in a statement. “The proposals...would provide an expected minimum level of financial support for consumers who remain in, or enter, temporary financial difficulty due to coronavirus,” Christopher Woolard, the FCA’s interim CEO said.
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