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Cap on credit card charges

Thu, 15 Jan 2009

An English federation is calling on the Government to place a cap on interest rates charged by credit card companies, in a bid to help small businesses survive this troubled period in the economy.

The Federation of Small Businesses claim that affixing a top limit to credit card charges would lowers costs for small businesses, and free up valuable amounts of cash . As many as 26 per cent of entrepreneurs use their credit cards to finance their companies.

John Wright, the national chairman of the FSB, was reported as commenting: "With interest rates at 1.5% and falling, the Chancellor and the Governor of the Bank of England must look into capping interest rates charged on credit cards. A cap on interest rates would not only reduce business costs but give consumers a real boost and cut the cost of borrowing ."
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