What is the Consumer Credit Act?
The Consumer Credit Act is a law which covers most types of lending in the UK.
What does the Consumer Credit Act do?
The Consumer Credit Act sets rules on how businesses can lend, how they collect money and consumer rights when borrowing. This includes debts such as credit cards, personal loans, hire purchase agreements and more. It also dictates how Annual Percentage Rates (APR) are calculated as well as giving additional protection for credit card purchases between a certain amount.
