The introduction of payday loans seemed to make it all to easy for people to get loans and then get into spiralling debt that they absolutely could not see a way out of. We have all , I am sure, heard the horror stories, really they are enough to put you off for life aren’t they.
Thankfully over the past year limits have now been put on payday loans companies and the amount of interest they can change and who they can lend to have been addressed. This is so important, people were getting into debts that were spiralling out of control just by trying to make ends meet. I know a couple of people who were int his situation and it just became completely unmanageable for them. It was absolutely right that changes were made to this very scary loan system. Crippling debts can and do ruin lives.
I think it is fabulous to hear that 35% less payday loans were made in the first 5 months of the FCA taking over regulation responsibility.
All loans need to be accessed with caution and consideration and finally payday loans are being bought into line.
Infographic on changes in payday loan supplied by swift money