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Government warns about rising credit card debt Debt - the 12-month view Amount of `bad debt` written off reaches 16-year high Deeper into debt: middle-class poverty Debt taken on by individuals increased in January Debt Relief Order (DRO) rules may be changed Overdrafts: five million Britons `permanently` in debt Mortgage lending drops to decade low The cost of debt falls Two thirds hope to have cleared mortgage debt by 50 40% of people approaching retirement `saddled with debt` Repossession `may be best` for homeowners struggling with debt Bankruptcies in Scotland - the worst may be yet to come Good news for people with energy debts US: new law provides debt-free date More debt taken on than repaid in December Savings rise as consumers pay down debt Household debt `could trigger another downturn` More families could fall into debt with energy companies Recession ends

Small business seek cap on credit cards

06/01/2009

Credit card interest rates should be capped to help small business survive the recession, the Federation of Small Businesses (FSB) has stated.

With over 215,000 members, the lobby group has pointed out that over 25% of entrepreneurs use their personal credit cards for their business, and that a cap on the interest rates charged would help them cope with a difficult financial period.

“With base rates at 2pc and falling, the Chancellor and the Governor of the Bank of England must look into capping interest rates charged on credit cards,” said John Wright, FSB national chairman. “A cap on interest rates will at a stroke not only reduce business costs but give consumers a real boost and cut the cost of borrowing.”

“It’s important to remember the impact of credit card debt on businesses,” said a spokesperson for Debt Advisers Direct. “As the FSB has stressed, many small businesses depend on credit cards and so are affected by the cost of ‘consumer’ credit.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt consolidation loans, debt management plans and IVAs (Individual Voluntary Arrangements).

Government warns about rising credit card debt 05/03/2010 - The latest figures from the Bank of England (BoE) have Debt - the 12-month view 04/03/2010 - In January, UK citizens - between them - borrowed £500 Amount of `bad debt` written off reaches 16-year high 03/03/2010 - The latest figures from the Bank of England (BoE) suggest Deeper into debt: middle-class poverty 02/03/2010 - The recession has also affected a lot of people with