31 January 2023

Press releases

'Malfunctioning economy' needs immediate Government action

Making open data a reality will help lower prices for consumers, says Cardeo.

Responding to today's publication of the monthly Money and Credit statistics from the Bank of England, Cardeo has called for Government action to help consumers.

Responding to the report, Cardeo CEO, Gavin Shuker, said:

“There are few clearer signs of a malfunctioning economy than sky high credit card debt among consumers. November 2022 saw UK borrowing hit its highest level since 2004, but with expenses set to rise even further in 2023, this record might not stand much longer.

Today's publication has shown a jump in card interest rates to 19.55% in December - meaning less pounds for essentials and more to pay down debt.
“Cardeo is doing what it can to ease the pressure on credit cardholders, but the onus is on the Government to navigate a way out of this crisis, and soon. The Government needs to make open data a reality in order to bring competition to the sector and help lower prices for consumers."

Notes to the editor

  1. To find out more, explore cardeo.com

  2. Bank of England Money and Credit statistics

About Cardeo

  1. Cardeo is a smart credit card management app that allows users to hold onto their cards yet save money. Users can manage their accounts in one place, set goals for repayments, and pay them back in the cheapest way, allowing them to get out of debt faster.

  2. Cardeo uses open banking and is a proud graduate of Tech Nation Fintech 4.0, the Government backed scaleup programme.

  3. To find out more, explore cardeo.com

  4. Cardeo is registered with the Financial Conduct Authority for the provision of payment services (FRN 940438) and is authorised and regulated to carry out debt counselling, credit broking and credit lending services (FRN 964449).

  5. Cardeo is a registered trademark of Cardeo Ltd, a company registered in England and Wales, number 12512807.

For further information


The Cardeo Team avatar The Cardeo Team

More Cardeo Press releases

31 January 2023

'Malfunctioning economy' needs immediate Government action

14 December 2022

Cardeo consulting with Government to reform 'cumbersome' Consumer Credit Act

26 October 2022

Cardeo gets green light to launch with full FCA authorisations

12 October 2022

Banks costing customers millions by withholding data

6 October 2021

Cardeo hailed as leading fintech and awarded Government scaleup place

10 June 2021

Cardeo to test credit card manager app in FCA sandbox