Consumers in Britian are quickly finding that many banks and other lending institutions are only too happy to take advantage of them, particularly if they need a ccj loan or a bad credit loan. In some cases, interest rates on credit lines have gone up to a shocking 365%, a full ten times the usual rate for a ccj loan or a bad credit loan. Consumer advocates are concerned that this may be the shape of things to come if regulatory agencies don’t step in and put a stop to gouging for customers who need a ccj loan. Without this help, it is possible for rates to go even higher.The National Consumer Council said: “These interest rates are eye-wateringly high. It’s unfair that poor people are made to pay more to borrow. This is set to get even tougher with the credit crunch.”Vince Cable, the Liberal Democrat Treasury spokesman, said: “In one sense one should welcome the fact that people are having access to finance, but not at these terms. These terms do seem extraordinarily extreme. People at the bottom end of the income scale should be accessing credit unions and not these types of high-interest credit.”
Related reading: CCJ Loan
Comment on this article