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.
It means that Catalogue companies could face a Crackdown on their Lending to avoid families being stuck in debt for years.
[wpsm_quote author=”” float=”right” width=”1″]It happened to Pay day loans could it happen to Catalogues and Rent to own companies ?[/wpsm_quote]
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.
