8.3m people have personal debt problems — it’s a bubble waiting to burst
Personal debt in Britain stands at £200bn and grows by 10 per cent a year. Any increase in interest rates could tip millions over the edge.
Personal debt in Britain stands at £200bn and grows by 10 per cent a year. Any increase in interest rates could tip millions over the edge.
The cost to society for problem debt is £8.3bn, and this government will only make things worse
Despite new regulation, the big lenders will remain.
But it could be just the tip of the iceberg, says Financial Ombudsman Service.
If the regulator had been firmer before then some borrowers might not have been treated unfairly.
A new report by the Children’s Society highlights the damage being done to children by debt.
The campaign to tackle the payday lending sector has been gifted another small victory today as the Department for Business, Innovation, and Skills publishes a report calling for more focussed regulatory attention to the sector.
In the UK 12 per cent of people do not have access to a bank account.
The payday lending industry punishes people for its own faults: they don’t carry out the correct credit checks then continue to charge borrowers excessive fees and interest on loans they probably couldn’t afford to begin with.