People trapped in a spiral of credit card debt would be protected by a cap on their interest payments under a Labour government, John McDonnell, the shadow chancellor, will say on Monday.
Speaking at the partys annual conference in Brighton, McDonnell will announce plans to help the more than 3 million people in Britain who are paying far more in interest payments than they borrowed.
Under the proposals there would be a total cap, meaning people would not have to pay back more than twice the amount of their credit card borrowings.
Labours plan would bring the regulation of the credit card industry into line with rules on payday loan companies, which were subjected to these restrictions from 2015.
McDonnell said he was calling upo…