MP backs government stance on credit card debt
MP backs government stance on credit card debt
Thursday 11th December 2008
The MP for Watford backed the recent pledge from business secretary Lord Mandelson to take a hard line with card providers that fail to pass on interest rate reductions to their customers.
Recent research has found that some card firms are continuing to increase their borrowing rates, despite Lord Mandelson's scheme and the growing number of consumers with serious debt problems.
"At a time when families are really struggling through this downturn, the last thing they need is unfair interest rate hikes on their existing debt," Ms Ward told the Watford Observer.
"Credit card lenders indulging in this practice to boost their own balance sheets need to stop it and stop it now."
According to new figures, credit cardholders in the UK now face average interest rates of 17.7 per cent – up from 16.6 per cent 12 months ago.
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