Credit card interest could be capped

Published by rudy Date posted on October 21, 2010

As part of a crackdown on credit cards and store cards, the Government is considering capping interest rates in a bid to get the consumer a fairer deal.

Following the Government’s review into consumer borrowing, Consumer Minister, Edward Davey, and Financial Secretary to the Treasury, Mark Hoban, have asked industry experts for their views as to how consumers can get a better deal.

The move is expected to save consumers in the region of £300 million a year.

Commenting on the review, Mr Davey said: “I want to encourage both [customers and lenders] to take responsible decisions and to strengthen protection where necessary – particularly for the most vulnerable.”

The Government plans to publish its proposals from the findings of the review in 2011.

The report comes as average credit card interest rates have soared over recent times – despite the Bank of England’s base rate being held at the historically low rate of 0.5% since March 2009.

Experts say providers have been passing on the cost of a rise in defaults – reflected by the squeeze on British households due to the recession. –Kay Murchie, http://www.financemarkets.co.uk/2010/10/17/credit-card-interest-could-be-capped

April 2025

World Day for Safety and Health at Work
“Safety and health at work every day!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

Monthly Observances:

March – Women’s Role in History Month
April – Month of Planet Earth

Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week

Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work

Trade Union Solidarity Campaigns

No to Trafficking

Jobs! Jobs! Jobs!

Categories