Suppression of credit cards

Right of consumers to give up a credit or store card. The issuer of the card must give a month with no interest and no payment due, and then the interest is to be reduced to 1% per month. The issuer of the card is to refund any default charges over the last 2 years and capitalise any arrears. The issuer must offer a debit card as replacement.

No new credit (as opposed to debit) cards to be issued, and no credit limits to be increased on existing cards.

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