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Payday Loan Hardship Cases Up 42%, Says Stepchange Charity

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http://www.bbc.co.uk/news/business-29014633

The number of people struggling with payday loans has risen by 42% in the past year, according to a debt charity.

The charity StepChange is asking the City regulator to take further action to protect consumers who suffer from such financial hardship.

It said the Financial Conduct Authority (FCA) should impose an even stricter cap on payday loan costs.

The FCA said it would study the idea, along with all the other responses to its current consultation.

StepChange's latest figures suggest the number of people getting into difficulty as a result of payday loans is continuing to increase.

In the first half of 2014 it dealt with 43,716 consumers who were in trouble. That compares with 30,762 in the same period last year.

Funding the recovery? As these numbers increase will GDP.

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