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Top form on stating the obvious from the FCA:

The UK's top financial regulator has accused the credit card industry of enabling some people to get into debt.

Martin Wheatley, the chief executive of the Financial Conduct Authority (FCA), said many people were struggling to manage their credit card bills.

"Why are card issuers providing the means, in some cases, for the most indebted consumers to escalate their way into further debt?" he said.

The industry responded by saying it was committed to responsible lending.

The FCA said nine million Britons were considered to be in serious debt, with so-called "survival-borrowers" using credit cards or payday loans to help pay bills.

Mr Wheatley said that around one million of the the UK's 30 million cardholders only made minimum payments, thereby accruing further interest each month.

"We know it's not uncommon for the most 'at risk households' to hold multiple cards and revolve multiple balances month-by-month," he said.

The debt charity Step Change has said that many of those who visit them for advice come with five or more credit cards.

On average such people have debts of £27,000 each.

FCA: Credit cards can encourage people into debt

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