“We need a clear and transparent system that works for consumers, not just the financial services industry,” said John Thurso, the Liberal Democrat Shadow Business Secretary.

Commenting on Government proposals to outlaw unfair credit card terms, John Thurso said:

“Some credit cards are little short of a rip-off, with hidden charges and obscure high rates.

“Personal debt is a major problem in this country and reform is long overdue.

“The Government mustn’t dither like it has on banking reform. We need a clear and transparent system that works for consumers, not just the financial services industry.

“Watchdogs should be beefed up so that consumers are no longer exploited by companies adept at profiting from opaque and unfair practices.”