To save consumers from “Debt Trap” Lenders
Alba want a ceiling put on the amount of interest consumers can be charged.
Alba Party have called for a ceiling to be put on the amount of interest consumers can be charged in a bid to combat pay day lenders and banks cashing in on the cost of living crisis.
According to the Office of Budget Responsibility (OBR) in end of 2022-23 and 2023-24, living standards are set for the largest fall on record.
A combination of high inflation, low wage growth, increase costs and higher interest rates will mean that disposable income will be greatly reduced for households across the country. Around 4 million households in the UK are likely to face higher mortgage payments in 2023.
Alba Party Depute Leader Kenny MacAskill MP says that “ with household budgets under severe pressure, disposable income has never been in a more precarious position”.
MacAskill wants the UK Government to tighten legislation to stop rogue lenders taking advantage of the bleak financial outlook.
Many countries across the world have anti Usury Acts which make it unlawful to charge unfair interest rates to lenders. In the UK the last Usury Act which was given Royal Assent by King Charles ii in 1660 was scrapped in 1854.
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Posted by Alba Party, January 01