The Liberal Democrats have responded to the Office of Fair Trading's review of credit advertising.
Malcolm Bruce MP, Liberal Democrat shadow DTI secretary, says: “Banks and credit companies have already milked the British cash cow. A 'wallet warning' that some credit deals could seriously damage your wealth should have been demanded by the government.
“The OFT review is a good initiative, but it's years late. If action had been taken at the start of this credit boom less people would find themselves in a perilous situation as interest rates begin to rise. The onus is now very much on the OFT to show it has developed a bite to back up its bark.”