Rejected petition Banks and Credit companies to freeze all interest rates on borrowing temporary.

Ensure that Banks and Credit companies freeze interest on borrowing for the foreseeable future until things stabilise.

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Although the Bank of England has reduced its base rate, and government are offering a 3 month payment holiday. By freezing rates of interest on borrowing, many people will resort to using credit cards. The Interest rates are high (e.g. 30%) and this will cripple families that cannot afford to buy essentials/pay for items during times of hardship.
This will have a knock-on effect to recovery after the crisis has stabilised.

This petition was rejected

Why was this petition rejected?

There’s already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.

You are more likely to get action on this issue if you sign and share a single petition.

You may wish to sign this petition calling for the same action: https://petition.parliament.uk/petitions/305297

You can find out more about coronavirus and how you can protect yourself and others here:

NHS website: https://www.nhs.uk/conditions/coronavirus-covid-19/
UK Government website: https://www.gov.uk/coronavirus

You can read NHS tips to help if you are worried about coronavirus here: https://www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips

We only reject petitions that don’t meet the petition standards.

Date submitted 18 March 2020
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