The government should cap the interest rates charged by credit card companies, according to one politician.
David Thompson, a Scottish National Party MSP, has dubbed some credit card rates "outrageous" and called for action to be taken.
He pointed out that other European countries have already taken steps to cap credit card rates and wants to see the UK follow suit.
He said: "I want to see the UK government cap the rates banks and lenders are allowed to charge in interest ."
This would stop banks and other credit card firms charging people "extortionate rates", he added.
Unless action is taken, credit card customers will join other people in being "forced to pay for the failures of the banking system", Mr Thompson warned.
Recently, Barclaycard announced that it is freezing the interest rates of its credit cards until at least June, with some consumers even benefiting from a cut over the same period.
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Call to cap credit card rates
Thu, 26 Feb 2009
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