Now the Conservatives say they will impose a cap on interest rates. Credit card rates are about 16 per cent. The Bank of England base rate is 0.5 per cent.
The Conservative Treasury spokesman Mark Hoban said this week: "We will force credit card companies to give consumers much clearer information about borrowing costs, impose a cap on extortionate store card interest rates and launch Britain's first free national financial advice service."
About time too. But we don't know the level of the proposed cap. If it's set too high, say 40 per cent, it will only help a few customers. As ever with financial matters, the devil is in the detail.