It is good to see payday lenders being whipped in and steps taken to stop people falling into a disastrous debt spiral through the actions of predatory lenders preying on the vulnerable.
More than one million people have turned to these sharks, attracted by irresponsible advertising involving puppets and an “instant cash” message which encourages frivolous spending.
Sadly, we need a high-cost credit sector but it must be responsible and accountable, and a limit set at 100 per cent of the loan will still allow the best payday lenders to operate.
But we also need the government to publicise alternatives, support the nation’s credit unions and do more in the form of tax relief to encourage companies to promote workplace loans.
(Dr) John Cameron