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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.”

If you are having problems with payday loans, we can help you. 

StepChange Debt Charity news contacts

Contact the the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016