Government planning impartial credit card comparison site
Soon it’ll be far easier for us all to figure out which credit card company is screwing us the hardest – that’s all thanks to a new government initiative designed to bring clarity to the murky world of personal finance.
The info will all be housed within Moneymadeclear, the site launched by the Consumer Financial Education Body in April, and aimed at helping us all to botch our dosh-handling a bit less.
From next year, the government will force all credit card companies to produce electronic statements that will then be uploaded by credit card holders to the Moneymadeclear site.
Then, as if by magic, some computer trickery will allow said customer to compare rates and fees and that, and they will even be informed as to where they can get a better credit card deal. Of course, the customer’s credit card rating probably won’t be healthy enough to enable them to successfully switch but stop being such a grumpy-poops – it sounds like an amazing thing in theory.
A government source said: "It is only right that consumers should have as much information as possible about the products they are using, which they can easily compare with other products to see if they can get a better deal. This is consistent with the key coalition principles of fairness and responsibility, as well as building on our work on transparency."
See? Amazing! Say ‘thank you’ to the coalition government everyone. SAY IT!