NEW restrictions on payday loans have been welcomed by a Bolton MP.
David Crausby, MP for Bolton North East, said the decision by the Financial Conduct Authority to cap loan rates was a ‘step in the right direction’.
The new rules mean interest rates will be a limit of 0.8 per cent of the amount borrowed a day, and a £15 cap on default charges.
Mr Crausby said it was good to see the government take meaningful action over the issue.
“Every day more and more people are trapped in a cycle of debt by these companies offering an easy solution to the cost of living crisis”, he said.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here