A leading debt advice charity says it has seen a big rise in the number of clients with payday loan problems.
StepChange Debt Charity says nearly 67,000 people asked for its advice last year about dealing with the loans.That was an 82% increase on the numbers it saw in 2012. The charity has called on the Financial Conduct Authority (FCA) to impose "substantial reform" on the industry when it starts regulating personal lending in April. "The industry has failed to address the problems causing untold misery and damage to financially vulnerable consumers across the UK," said Mike O'Connor, chief executive of StepChange. "We hope the FCA's proposals will address some of the areas of consumer detriment, but on issues such as affordability checking, rollover and repeat borrowing, there is an urgent need for even more radical reform.".....Read more here