Three million have card debts they cannot repay: Banks are accused of exploiting customers as watchdog announces tough measures to tackle the crisis

‘Banks were accused last night of exploiting millions of customers unable to pay off their credit cards.
The City watchdog said lenders had ‘little incentive’ to help customers who fork out £2.50 in interest for every £1 repaid.
In a hard-hitting report, it warned that 3.3million people were trapped by debts they might never be able to clear. Outlining tough measures to tackle the crisis, the Financial Conduct Authority said:’
Read more: Three million have card debts they cannot repay: Banks are accused of exploiting customers as watchdog announces tough measures to tackle the crisis