MSE News: Plans for six-week debt 'breathing space'

MiserlyMartin

D_M_E wrote: »

Another example of political meddling which will not actually do anything.

I agree with that.

D_M_E wrote: »

What's needed is for the government to set the interest which can be charged to a more reasonable level - with base rates next to zero, why are credit card interest rates over 30% in some cases, and over 18% in most cases?

That is interfering with the market and banks should be free to charge what they like in a competitive market. Nobody is holding a gun to peoples heads and saying borrow from expensive lender A instead of B. Whatever happened to people taking responsiblity for their own finances?

D_M_E wrote: »

As for payday loans, were these not banned in the USA and the companies offering them simply moved shop over here as a result? These have punitive interest charges and these most definately need banning, either that or the current 100% cap on interest and charges should be drastically reduced.

Again if you need to borrow from these people then something is seriously wrong with your outgoings vs your incomings.