MP Calls for Government Ban on High Loan Rates to Help Poor

Western Mail (Cardiff, Wales), July 1, 2005 | Go to article overview

MP Calls for Government Ban on High Loan Rates to Help Poor


Byline: By DAVID WILLIAMSON Western Mail

The Government must stop loan sharks sinking their teeth into Britain's poorest people by banning the high interest rates they charge, Plaid Cymru MP Adam Price has demanded. The MP believes that the proposed Consumer Credit Bill does not go far enough to ban 'predatory lending' and criticised the Westminster Government for requesting more evidence that legal limits on high-cost credit can benefit low-income consumers.

He said, 'The current law is out of date and out of touch.

'Bad lenders aren't held accountable for extortionate or predatory lending and the current law doesn't make sure people on a low income aren't ripped off or exploited.

He added, 'There are statutory caps in most European countries, and in North America. In Austria it's set at 20% per annum, 7% in Belgium and Finland, 9% in Greece and 15% in Switzerland.

'Caps also exists in France, Italy, the Netherlands, Germany and many US States. A cap on interest rates would prevent lenders from charging extortionate levels of interest rates such as those charged by several store cards and many doorstep lenders.'

Mr Price is supporting the Debt on Your Doorstep campaign organised by Church Action on Poverty. …

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