JRF comments on FCA report into high cost credit

The Joseph Rowntree Foundation today commented on the outcome of the Financial Conduct Authority’s review into high-cost credit.

Campbell Robb, Chief Executive of the Joseph Rowntree Foundation said:

“It is morally wrong that people on low incomes have ended up paying huge sums for credit just to buy daily household essentials. Too many people have ended up becoming trapped in a cycle of debts and many fear they will never be debt free.

“The high cost of everyday essentials and rent, stuttering wage growth and frozen benefits are sweeping people into poverty and making it harder and harder for many families to stay afloat. As well as clamping down on these practices which target those on low incomes, we need to see better access to affordable credit so that those affected can plan ahead for a debt-free future.”