Usury Limit Legislation - Government Petition

[Marlowe52]

Following the suggestion that on-line government petitions might be used as a means of direct action and could result in the most popular petitions ending up as private members' bills, I was somewhat surprised to find there are currently NO petitions open on the new goverment site. I am assuming the site is open and ready for business?

 

I think we should hit the most obvious and least controversial issues hardest. (I realise there is no such thing as a non-controversial issue - I was just jesting!). However, although I have never fallen foul of them, my blood boils everytime I see a tv advert for payday loans showing an APR of over 2000%. I can see NO possible justification for such punitive interest rates no matter how 'useful' the suppliers might argue such loans are. The heart-rending stories in the news and on the CAG threads highlight the dangers of rolling such loans over and the aggressive marketing tactics of the suppliers are worrying to say the least.

 

I would like to propose that CAG puts it's weight behind a petition to introduce usury limits setting the maximum level of interest for both loans and credit cards such as can be found in other countries (e.g. Australia, Canada) and in many states across the US.

 

I'm not sure of the wording but I think there would be support.

 

Comments please

Edited December 31, 2010 by Marlowe52
Correction

[rebel11]

Hi Marlowe

 

I think thats a great idea, I think there are loads of issues, no doubt theres plenty of stuff that needs debating and changing.

[rebel11]

Hi Marlowe

 

I think thats a great idea, I think there are loads of issues, no doubt theres plenty of stuff that needs debating and changing.

 

The threshold is 100,000, which maybe needs to be rasied. Your going to get silly things like debates on the X-Factor etc.