Cap The Credit Card Charges
January 20, 2009
The Federation of Small Businesses has advised that small businesses have an important role in the turning around of the current economic climate and in order to help getting this started has called for there to be a cap on credit card interest rates. 26% of small business owners use their own personal credit cards along with 23 % that use their company cards to finance their businesses.
It is not only the credit card companies that the FSB is asking to help stop the recent closure of small business, which has been seen becoming a even more common occurance these days, but it is also asking the Government, banks, local councils and the consumers to all pitch in and help with the fight for regulation along with having more access to money and keeping the cashflow running smoothly.
John Wright the Chairman of the FSB said “With base rates at 2 per cent 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 will at a stroke not only reduce business costs but give consumers a real boost and cut the cost of borrowing. 2009 must be a year of action for small businesses. The small business sector is the sector to see the UK out of the recession. Small businesses are innovative, enterprising and flexible. But an increase in late payments, a decline in trade and poor access to finance will leave thousands facing closure in 2009. With support from the Government, the banks and others, we can all reach a destination in 2009 that takes us out of the dark tunnel of recession and onto the bright road of recovery.”
Recent additions :
- Credit Card Firms Will Have To Do More To Assist Borrowers
- Consumers Should Fight Credit Card Increases
- Affected By The Economic Turndown
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