British government must take action to stop the problem spiralling out of control
Andrew Bailey, Britain's top markets regulator, warned on rising levels of debt being accrued by Brits, saying the government must take action to stop the problem spiralling out of control.
According to a report in the Guardian newspaper on Tuesday, the Financial Conduct Authority chief is concerned about the sheer number of people who need loans to make ends meet, with those on zero-hours contracts and those working in the gig economy a cause for particular concern.
In both those forms of work, staff have no guaranteed hours, and many frequently have to turn to payday lenders such as Wonga to make ends meet. These firms allow consumers quick, easy access to credit, but in return offer extremely high interest rates, which if not managed properly can cause big problems for ...