“On average, a £10,000 debt repaid at the minimum rate will still take more than 35 years to pay off,” said the Liberal Democrat Shadow Business Secretary.
Commenting on new rules on the cost of credit card borrowing announced by the Government today, John Thurso said:
“Credit card interest rates have been hiked to their highest levels since June 2006 despite the fact that interest rates have bottomed out at 0.5%. We need a maximum interest rate put in place to end this profiteering.
“It’s right that the most expensive debt should be paid off first but the Government’s lack of action on minimum repayments means that credit card debt will still take decades to repay.
“On average, a £10,000 debt repaid at the minimum rate will still take more than 35 years to pay off.
“Credit cards will remain a very expensive way to borrow. The Government must do more to provide financial advice to all consumers to allow them to make informed lending decisions.”
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