Revealed – How universal credit is fuelling Britain’s homelessness crisis
Industry News | 29/10/18
Wonga, the poster child of the payday lending industry, collapsed this year, but campaigners say tough economic conditions are forcing more people to take out high-cost loans.
About one in seven people across Britain borrowed money to meet a household need last year, according to the StepChange debt charity, with around 1.4 million resorting to high-cost credit.
The Bank of England has become increasingly concerned about rapid growth in personal borrowing on credit cards, loans and car finance, which has returned to levels last seen before the financial crisis.
Source: The Guardian