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Friday, November 14, 2014

Action on payday lenders at last

The BBC report that a cap on the amount that payday lenders can charge their customers has been announced by the City regulator.

They say that from January payday loan rates will be capped at 0.8% per day of the amount borrowed, said the Financial Conduct Authority (FCA) so that in total, no one will have to pay back more than twice what they borrowed, and there will be a £15 cap on default charges.

This is good news, better late than never. It also demonstrates the commitment of the Coalition Government to dealing with this issue.

To be fair the Labour's spokesperson has welcomed this announcement and has concentrated on how it will be monitored. However, if they had addressed this issue when they had been in government (and they were asked to) then we might not be in this situation now.
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