Government planning impartial credit card comparison site

9 August 2010

credit-card-melting 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!


TOPICS:   Government   Credit Cards


  • Michael
    Before the election: "We want to promote the private sector to create jobs" After the election: "We're going to do something that the private sector already does"
  • David
    I disagree. The private sector does comparisons where the comparison site takes a cut. The results are misleading. uSwitch regularly skews the balance so you think it's a better deal but it's not.
  • Alexis
    Thought they were cutting back on everything? We're all quite capable of finding out our own credit card facts from the plethera of information already in existence.
  • issac h.
    Er, doesn't thisismoney, moneysavingexpert and other similar websites already do this @ no cost to the taxpayer?
  • LUFC
    @Alexis Judging by the thousands who have gone bankrupt due to excessive spending I don't think 'all' are capable financially
  • IfYouCopyMyNameYouAreGayIsGay
    @LUFC And you think this is going to help them? Nothing will help them as its their lifestyle/bad luck that is at fault, not their choice of credit card. The Condems have just made potentially thousands of people redundant in my region (I have a 7 month wait to find out if I'm one of them), and this is what they're doing with the money? Brilliant.
  • Nobby
    I think this is a waste of money. They should spend the money saved by making people redundant on free cakes for the middle classes on fridays.
  • Tarquin W.
    Scones Nobby, there won't be any Mr Kipling.
  • Michael
    @David How the likes of moneysupermarket / Martin Lewis does it is one thing, but the whole mantra of the Tory election manifesto is that the onus was on the private sector to pick up many of the thousands that they're preparing to throw on the scrap heap. With this announcement, they're going head to head with a number of businesses who may well have swept up some of the shit that they are preparing to drop. If you want to raise awareness of debt, fine. But this is the wrong way to do it. I'm not doubting that the private sector has an agenda but would a MoneySupermarket result be that much different to a "GovCompare" one? (And in typing that, I've just pictured George Osbourne as an irritating tennor)
  • Andy D.
    An irritating tenor? Interesting. Here he is as a skipping girl-child if that's any help.
  • -]
    I approve of the skipping gideon. Could I now have a pic of him snorting cocaine while dressed as Little Bo Peep?

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