Catalogue Debts Soar as Crack Down on Pay Day Loans Hits
The Crackdown on Pay Day Loans by the FCA has seen Catalogue debts soar.
The FCA are now looking into Catalogues and Rent-to-Own companies as debts more than double in recent years.
Catalogue lending could face crackdown
It means that Catalogue companies could face a Crackdown on their Lending to avoid families being stuck in debt for years.
It happened to Pay day loans could it happen to Catalogues and Rent to own companies ?
Catalogue and Rent to own debt soaring
One target is rent-to-own debt – even as payday lending risks subsided, debt owed by Rent to Own borrowers doubled from an average of £2,000 in 2014 to £4,300 by the end of 2016, with a third of that made up of RTO debt. Such debtors have an average income of £16,100, the FCA found.