Stephen Jones, CEO of UK Finance said: ?Families up and down the country rely on credit cards for everyday household spending. The FCA's extensive credit card market study looked very closely at the issue of persistent debt. It considered whether a cap on interest charges should be introduced, but concluded that there were preferable alternatives which the industry is supportive of and will implement when the current consultation is concluded later this year.

?The industry is working closely with the FCA to ensure that customers continue to receive access to the credit they need and, as part of the industry's commitment to ensuring the best possible outcome for all consumers, UK Finance has formed a Consumer Credit Taskforce to look at how it can support customers repay, if their financial circumstances change.

?Suggestions on how to improve this vital market, to ensure it works better for more consumers, are always welcome. The industry and the regulator will need to carefully consider their options for further reform and any unintended consequences - the last thing the industry wants, is to see those who are most vulnerable, being pushed towards the hands of unscrupulous and unregulated lenders.?