Research shows 1.2m taking out payday loan each year

Story link: Research shows 1.2m taking out payday loan each year

According to research by watchdog Consumer Focus, the number of people taking out a payday loan has quadrupled in the last 4 years.
The consumer group said 1.2 million people are now taking out a payday loan every year - borrowing more than £1 billion.

Payday loans are becoming more popular and are seen as attractive [...]

Report reveals failings in Government’s debt advice strategy

Story link: Report reveals failings in Government’s debt advice strategy

A report published by the Public Accounts Committee has branded the management of the Government’s debt advice strategy a “complete failure.”

Six years ago, the Government introduced a strategy aimed at improving the support to, and cutting the number of people who struggle with unmanageable debt.
The Department for Business, Innovation and Skills shares responsibility [...]

Consumers to save millions under new credit card protection

Story link: Consumers to save millions under new credit card protection

New measures unveiled by the Government look set to shake up the credit card industry and save consumers hundreds of millions of pounds.

http://www.financemarkets.co.uk/2010/03/15/consumers-to-save-millions-under-new-credit-card-protection/

The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year.
The crackdown comes after the Government warned credit and store card firms to “clean up their act” [...]

Bad debt and unsecured loans

Story link: Bad debt and unsecured loans

Our country has spiralled way out of control over the last few years, with people finding it easier to apply for a small to medium sized loan rather than get a few extra shifts at work or a part time job. Those times are hopefully over, well, they have to be for the future stability [...]