Wednesday, 25 January 2012

Payday loans 'sucking money' from poor, say assembly members

Companies that offer short-term loans at high interest rates have been accused of "sucking money" out of poor communities by Welsh assembly members.

The Welsh government was urged to work with councils and voluntary groups to promote alternatives to payday loans.

Assembly members expressed concern that it was becoming increasingly easy to borrow money through websites and smart phones.

But industry representatives said they did not target the poor. Read more

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