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Payday loans will engulf Britain in a 'tsunami of debt' warns MP

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Labour MP Stella Creasy has warned that a "debt tsunami" will engulf Britain if the payday loans industry is not regulated.

 

New research has shown that five million Britons are considering taking out a payday loan within the next six months, a 50 per cent rise in a year. The insolvency trade body, R3, also found that one in four 18-24 year olds are likely to seek a payday loan. Ms Creasy criticised the lack of regulation within the payday loans industry. She told Radio 4's Today Programme:

 

"The time for self regulation in this industry is more than over.

 

 

"The government really needs to get a grip and back all the measures about capping the cost of credit before this debt tsunami engulfs whole sections of Britain."

 

Link: http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9675159/Payday-loans-will-engulf-Britain-in-a-tsunami-of-debt-warns-MP.html


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