Tories plan to fight consumers 'addiction to debt'
Tories plan to fight consumers 'addiction to debt'
Wednesday 18th June 2008
Under the proposals, which were announced by the shadow chancellor George Osborne, the Office of Fair Trading would be given new powers to clamp down on store card providers which charge rates of 25 per cent or more.
Mr Osborne said: "I think the role of the next Conservative government is to stop Britain's addiction to debt, and make sure when we next have a financial crisis or economic problem, that we are much better prepared than we are at the moment.
"I'm not telling people whether they should take out a store card, I'm just setting out the boundaries to ensure fair play. We all have to pick up the pieces when people get out of control with their debts."
According to figures from the British Bankers Association, Britons owe a total of £2.2 billion on store cards - contributing significantly to the UK's mountain of credit card debt.
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