Payday lending has doubled to £2billion within three years as - TopicsExpress

Payday lending has doubled to £2billion within three years as desperate families have struggled to weather the recession. The explosion in high-interest lending is exploiting people who cannot pay their bills or borrow from cheaper sources, said a report. It added that many people who took out the eight million payday loans in 2012 could not meet rent or mortgage payments or rising energy bills. The Centre for Social Justice, a think tank founded by Iain Duncan Smith – now Work and Pensions Secretary – revealed that loans on the books of short-term lenders leapt from £900million in the financial year ending in March 2009 to £2billion three years later. Steve Doughty

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