Closed petition Legislate to limit interest rates on lending during Covid-19 outbreak

Closed on 24 October 2020

Legislate to put a temporary maximum interest rate, such as 3%, on all lending, such as credit card and overdraft debt.

As people lose their jobs and income, the first port of call for survival for many will be credit cards and overdrafts.

The Central Banks have reduced interest rates to near zero, yet many credit card companies and banks still charge 20+%, and many banks are increasing the interest rate for overdrafts to 39.9%.

Legislate an emergency measure to cap interest on lending, including credit cards and loans, to a maximum, such as 3%, so people can weather this storm.