Conservative Party attack on zero per cent credit card offers

Commenting on the Conservative Party attack on zero per cent credit card offers, Steve Willey, head of credit cards at price comparison site moneysupermarket.com, said: "Shadow business secretary Alan Duncan has missed the point and shown some naivety when he says zero per cent offers are not acceptable practice.

"A zero per cent offer on balance transfers or purchases is an excellent offer for most Brits. What needs to be looked at is responsible lending, by cracking down on the extension of debt to customers.

"The problem lies in the fact that when a new zero per cent credit card is taken out, the other card isn't closed. Typically this means that someone with £5,000 worth of credit now has a £10,000 credit line – and the more cards they get, the worse the situation can potentially become."