Payday loan debate highlights need for change

12 July, 2012

In response to today’s House of Commons debate on the High Cost Credit Bill, StepChange Debt Charity Peter Tutton said:

“Today’s debate on payday loan regulation represents another welcome step towards addressing the widespread problems that exist within the payday lending industry. Whilst we would have liked to see the Bill progress today, it once again highlights the obvious public concern about the issue and the clear need for change. 

“What is needed now is a clear response from the payday loan industry that demonstrates that it is serious about addressing these widespread problems. 

“We believe the Office of Fair Trading (OFT) should now issue a detailed progress report on how it plans to address the harm to consumers caused by payday loan companies.”