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Calls to ban 'pay-as-you-view' loans as they may cause debt problems

Calls to ban 'pay-as-you-view' loans as they may cause debt problems

- Thursday, 4 November 2010

Anti-poverty campaigners are calling for 'pay-as-you-view' loans to be banned as they can lead vulnerable people into debt problems.

Barnardo's is appealing to the government to reform the banking system so that those on a poor income can have access to credit, reports the Guardian.

It is thought that consumers resort to these loans, which can have interest rates of 40 per cent, as they cannot obtain any other form of credit.

These loans are usually obtained to pay for household goods, such as a TV, and the borrower repays the money by inserting coins into a meter.

In this way, they will end up paying more for the item than it is actually worth and consumers could end up in debt problems.

Neera Sharma, the charity's assistant director of policy and research, told the news provider: "Exclusion from mainstream financial services means low-income families tend to use high-interest forms of home credit and accumulate a vast amount of debt."

However, a spokeswoman from moneyfacts.co.uk recently suggested that consumers are trying to get debt-free over the uncertainty of job cuts.
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