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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).

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in