Financial journalist Paul Lewis on BBC Breakfast talking about the exorbitant interest charged by some ‘emergency’ loan companies…
If someone took out a £63.50p loan with one of these payday loan companies, and didn’t pay it back for eight-and-a-half years, the accumulated interest would have made the debt the equivalent of the US budget deficit… $14 trillion!
I`m not labour..or conservative..or supportive of any political party in particular but why didn`t Labour ban these legalised loan sharks when in power? It`s primarily poorer and presumably working class people they mainly target.