To: The Treasury
HIGHWAY ROBBERY
Investigate the rates of interest loan companies can charge and make them publicise "hidden charges."
Why is this important?
People use high street payday loan companies because they are desperate and cannot find alternative ways of raising money when they need it, i.e. for funerals etc.
I saw a high street payday loan company proudly advertising an APR of 2000%.
This is obscene. We need government introduction of caps these thieves can charge. And we need help to set up credit unions to help needy people.
I have worked in a christian debt advice centre and have seen single mothers with credit card debts of £70,000. How was she allowed to run up so much debt?
