There may be some good news on the horizon regarding credit card charges.
It is looking more and more likely that the Office Of Fair Trading (OFT) is going to force credit card firms to reduce or cap the charges they make for penalties – such as those for late payments, in a move that could cost them up to £1.5billion.
If the OFT does have its way, the banks that would feel the pinch the most would be Lloyds TSB, Barclays and Alliance & Leicester, as these are the banks which make the most from penalty charges.