Loaded Loans: UK cracks down on payday lenders, but ‘damage already done’

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Average household debt in the UK has risen by over forty per cent in the past year and it’s the payday loan firms who are making a killing on people’s meager finances. Some even charge exorbitant interest at over five thousand per cent. The government’s trying to crack down on the creditors, over what it calls ‘widespread irresponsible lending’. But, as Polly Boiko reports, they’re still a last resort for low-income families.

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