StepChange Debt Charity response to Wonga profit announcement
21 April 2015
Following Wonga’s announcement of £37.3m losses, Mike O’Connor, Chief Executive of StepChange Debt Charity said:
“The crackdown on the payday loan market is having an effect but we still need to address the fact that many people need financial help. Payday loans can make people’s problems worse and we need alternative ways of meeting the need for credit.
“More loans are not always the answer. We need creditors to give people who are struggling with debt more breathing space and it is vital that future governments continue with the review of debt administration which the current government has promised. With personal debt on the rise, there will be more people who fall into difficulty under any government. We need a range of alternatives to payday loans and we must to do more to help people on low incomes to save for a rainy day so that that they are less likely to need to borrow in emergencies.”
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