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"Rent-to-own" shops that sell appliances and furniture for small weekly payments but with a high interest rate face a price cap.

 

However, the financial regulator will not rush to impose the same restrictions on bank overdrafts.

 

The Financial Conduct Authority (FCA) has spent nearly two years looking at the cost of high interest borrowing.

 

It has now outlined a package of plans for rent-to-own, doorstep lending and catalogue shopping.

 

High-cost credit is used by three million people in the UK.

 

Single-parents aged 18 to 34 are three times more likely to have a high-cost loan - such as a payday loan, doorstep loan or pawnbroking loan - than the national average.

 

"The proposals will benefit overdraft and high-cost credit users, re balancing in the favor of the customer," said FCA chief executive Andrew Bailey.

 

http://www.bbc.co.uk/news/business-44307663


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