Call for ‘credit curfew’ to help late-night borrowers
Industry News | 23/05/19
A “credit curfew” that restricts access to payday loan websites during the night could protect consumers from impulsive spending and borrowing, according to a report.
Banning borrowers from accessing high-cost credit websites between 11pm and 7am would ease the numbers of people spiralling into debt as activity peaks during these hours, according to researchers at Newcastle University.
The report was based on interviews with customers who accessed payday loans through apps or via the internet. These mediums had increased availability of credit to people previously excluded by mainstream lenders.
Source: The Times
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