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Loan Protection: Government considers cap on credit card rates

The government is set to consider capping credit card interest rates as part of a review into consumer borrowing.

The Treasury and Department for Business will ask industry experts for their opinion on how Britons can get a fairer deal when borrowing credit through credit cards and store cards.

Among the issues under discussion will be whether the financial regulator will be able to set limits on interest rates for those who have difficulty paying back any loans.

"I want to encourage both [customers and lenders] to take responsible decisions and to strengthen protection where necessary - particularly for the most vulnerable," said Consumer Minister Ed Davey.

"If things go wrong people face a confusing array of debt remedies, so I also want to examine how the existing insolvency regime can be made to work better."

The review will also look at unfair bank charges and the possibility of introducing a seven-day 'cooling' off period on store cards to allow users to return them without incurring charges.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800119836-ADNFCR



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