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PPI: Capping interest rates would 'halve UK debt problems'

Capping the rate of interest on credit cards and store cards would "halve the debt problems in the UK", according to an expert.

The government is set to ask industry experts for their opinion on consumer credit and personal insolvency as part of a consultation on the fairness of borrowing.

Among the issues set to be discussed is the possibility of a regulator being able to cap interest rates on credit and store cards.

Richard Sorsky, money advice co-ordinator at the UK Insolvency Helpline, claimed the move will significantly cut the amount of debt people are in.

"It is about time that the government regulated the rates out there. We have always said if interest rates weren't so high on unsecured borrowing there wouldn't be half as much debt."

Mr Sorsky added that the move would signal the Treasury's intention to finally regulate the consumer credit market.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800122402-ADNFCR

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