Families turned to loan sharks over Christmas

Published on 15 January 2010 by Raffick Marday

<br />   Families turned to loan sharks over Christmas<br />More than 100,000 families in the UK will be trying to pay off £82 million this year after borrowing money from illegal lenders to pay for Christmas.

That’s according to a new report by housing association Circle Anglia and a think tank, called the Financial Inclusion Centre.

The research claims it was the worst Christmas in a generation for doorstep loans.

The average rate charged by loan sharks is 825 percent, but can be as high as 1,500 percent – that’s nearly ten times the average credit card interest rate.

Andy Doylend from Circle Anglia says “The challenge in 2010, for all of us in the housing sector, is to make sure we reach out to our residents to make them aware of the availability and accessibility of affordable finance.

We also compare...

Bank Accounts

Best basic bank
accounts for

Travel Money Card's

Free Travel money card's just
minimum load...

Money Transfers

International money transfer providers

Latest Reviews

One banking prepaid card

Latest Pre Paid Card\'s News

Copyright 2016 :: Compare Money Transfer Limited :: All Rights Reserved