Labour attacks UK credit card rates

A pledge by the Labour Party’s shadow chancellor John McDonnell to limit credit card interest payments poses a threat to credit card lenders and to investors in UK credit card ABS.

  • By Sam Kerr
  • 25 Sep 2017

McDonnell said that 3m credit card borrowers were “trapped by their debt” and were being forced in many cases to pay interest well in excess of what they originally borrowed.

The Financial Conduct Authority has focused on growing credit card debt in the past and McDonnell suggested that ...

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