Economic news

Labour: more than three million Britons "trapped" by credit card debt

UK card holders trapped in a spiral of credit card debt would not pay more in interest than they had originally borrowed, shadow chancellor John McDonnell will say on Monday.

Labour are calling upon the Government to bring the regulation of the credit card industry into line with measures on payday loan companies, which have been in operation since 2015.

According to FCA, more than 3m Britons are trapped in persistent debt, with an average £3,464 of credit card debt outstanding — making a total of £14bn. These persons pay around £2.50 in interest and charges for every £1 they borrow.

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