Payday lenders have agreed to new commitments designed to prevent a build-up of unmanageable debts by struggling customers. Lenders will freeze charges and interest for borrowers in difficulty, no later than 60 days after they stop making payments. Borrowers would also have the charges frozen as soon as they managed to agree an acceptable repayment plan. New measures would be in place by 25 July, trade bodies told the government. Lenders have also promised to make proper affordability checks before granting loans or allowing customers to put off paying the money back. "Payday loans should only ever be used as a short-term financial stop-gap, not as a long-term solution to financial difficulties," said Business Minister Norman Lamb....Read more here: BBC News - More help for payday loan debtors