During Business Questions on Thursday 11th July, Sir David raised the important issue of consumer debt.
In April 2019, personal debt stood at £1.6 billion with the average credit card debt standing at £2653 per household.
Sir David asked the Leader of the House “Will my right hon. Friend find time for a debate on the report issued by the Centre for Responsible Credit? It highlights a consumer debt crisis and recommends that the Financial Conduct Authority put a cap on the credit card market, similar to the cap on payday loan costs.
The Rt Hon Mel Stride MP responded by saying “I thank my hon. Friend for that question. It is typical of him that he should go out to bat for those who are least able to afford the consequences of high interest rates. The FCA has—or we have, as a Government—already placed a limit on payday lending. The FCA has particularly expressed concerns about the volume of credit that is being taken on to credit cards. In February 2018 it announced a package of remedies related to giving customers more control over credit card limits, encouraging customers to repay more quickly and other measures.”