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Bank charges: Banning payday lenders from town centres is ‘not enough’

Getting rid of payday loan provider stores on the high street will do little to alleviate the problem of mounting debts faced by many Brits.

Citizens Advice chief executive Gillian Guy said that while the number of payday lenders setting up shop on the high street is “frightening”, these stores are not where the main issue lies.

The comments follow a promise from Labour leader Ed Milliband to give councils more powers to ban payday lenders, pawnbrokers and bookmakers from town centres.

“The problem is much bigger online with the internet awash with websites promising to deliver a loan within minutes - prompting some councils and universities to ban access to payday loan websites from their computers,” she explained.

Part of the issue is the ease at which people can take out these short term loans, but the difficulty in paying them back. This quickly causes debts to spiral out of control.

Ms Guy referred to these lenders as “predatory” and said until they “stop breaking the rules” and start treating people fairly, Brits will continue to suffer from increasing debts.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801568863-ADNFCR

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