Citizens Advice demand payday alternative
One in four people who come to Citizens Advice for help have a debt problem.
Guy blamed payday lenders for putting struggling households in a ‘debt-trap’ due to a lack of checks in addition to high interest rates and fees.
He said: “People need more options for short-term credit. There is a gaping hole in the market which allowed the boom in payday loans.
“The time for a responsible alternative in the form of a micro-loan is long overdue.”
Citizens Advice expects 60,000 log book loans to be taken out this year, 61% more than in 2011.