STORE CARDS

Early day motion 626, tabled 30 January 2003 by Norman Lamb (Liberal Democrat). Signed by 53 members.

That this House notes with concern that, almost without exception, store cards charge exorbitant rates of interest, often as much as six times the base rate, and twice that charged by many credit cards and that store cards are promoted heavily in stores and make high levels of credit easily available; believes that consumers are often unaware of the precise details of what they are signing up to and what an expensive means of borrowing store cards represent; and calls on the Secretary of State for Trade and Industry to enter discussions with retailers about ways of reducing exploitation of loyal customers and of increasing awareness of the cost of this sort of credit.

Signatures by party: Liberal Democrat 32, Labour 16, Labour/Co-operative 2, DUP 1, Plaid Cymru 1, UUP 1.