Labour proposes debt cap that would see credit card companies forced to write off billions of pounds owed by customers

‘Credit card companies would be forced to write off billions of pounds in long-term customer debts if Labour got into power under a policy to be unveiled at the party’s conference.
John McDonnell, the shadow chancellor, will propose capping the amount of money lenders can charge in interest so that no one has to pay back more than double what they borrowed.
He will say the policy will help three million credit card holders who are “trapped by their debt”.
But with £14 billion owed by those classed as being in “persistent debt”, the policy raises questions over whether the cost of the policy would end up being passed onto other borrowers.’
Read more: Labour proposes debt cap that would see credit card companies forced to write off billions of pounds owed by customers