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Archive for October 23rd, 2012

Rip-off Britain

Reports that lack of affordable housing is pushing an extra 10,000 working people a month into claiming housing benefits will come as a shock to those who think it’s only those not working who need benefits.

The fact is that increasing numbers of people are finding it difficult to make ends meet. Unable to get credit from the banks they have no option but to borrow the cash they need from legal loan sharks, incurring rip-off interest charges in the process.
 
Consumer group estimates 800,000 UK households have taken out payday loans. Research shows these households are not borrowing for luxury or non-essential goods. They are people on low incomes who need credit just to get by.
 
Labour MP Stella Creasy is right to say ‘Payday loans are a toxic form of credit. It’s a big problem and will get worse’. I support her call for a cap on rip-off interest rates.
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