Institute a maximum cap for the interest rate on credit cards and personal loans

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Institute a maximum cap for the interest rate on credit cards and personal loans

Petition Details

An interest rate cap should be introduced to ensure that people - especially young people at the start of a career - are not trapped in debt and can afford to thrive, not just survive.

Additional Information

We believe that in modern society, it is all but mandatory for people to use a credit card in order to build a credit rating. We also think that the UK has one of the highest interest rates in the world for loans and credit cards, with representative rates ranging from 35 to 50% depending on the provider.

We believe that research shows that even small debt has severe mental and physical health effects.

President elect Trump has also suggested a 10% cap on credit card interest rates.

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