Credit Card Issuers to Restart Charging Annual Fee

It seems that the major UK credit card companies may be forced to reintroduce an annual fee to claw back lost profits due to bad debt. This is according to a report "Precious Plastic 2006" issued by the accountancy firm Price Waterhouse Coopers (PWC), whose insolvency experts have conducted research into the consumer credit market. Their data shows that many credit card lenders have been hit by a combination of: * An increased number of people entering into Individual Voluntary Agreements (IVA's), whereby they can pay off an agreed sum to avoid bankruptcy; * Changes in the regulations affecting the credit industry; * So-called "rate tarts", who can switch easily between different credit card companies to finance their debt at a small cost. People who have entered into an IVA owe an average of