UK Money News
17th June 2008
Tories plan to clamp down on store card companies
A Conservative government would crack down on store card companies charging punitive rates of interest, the shadow chancellor has revealed.
Under plans unveiled by shadow chancellor George Osborne today, the Office of Fair Trading would be imbued with the power to censure retailers which offer cards with high rates.
Mr Osborne defined these as cards which charge a rate of 25 per cent or more, the Telegraph reports.
The move was aimed at tackling the reliance on debt which has developed among Britons over the last decade.
Mr Osborne commented: "We've got a big problem in Britain, we're addicted to debt, and we are seeing the consequences of that as the credit crunch hits, and everyone is finding it more and more difficult with the rising cost of living.
"I think the role of the next Conservative government is to stop Britain's addiction to debt, and make sure when we next have a financial crisis or economic problem, that we are much better prepared that we are at the moment."
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