More is needed to help people escape the high-cost borrowing trap

Payday loansPublic concern with the damage caused by high-cost lending has never been greater.  Poorer households have been hit hard since the onset of the financial crisis in 2008.  Wages have failed to keep pace with rising fuel, food and transport costs, and austerity measures, including both public spending cuts and welfare reforms, are taking the most from those that can least afford it.  We are definitely not ‘all in this together’. In fact, for the high-cost lenders – home credit or door-to-door money-lenders, rent-to-own (‘RTO’) stores such as BrightHouse, pawnbrokers and payday lenders – this is boom time.

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The Poverty Premium – voices from the grassroots

School of ParticipationWe’re currently running a ‘School of Participation with people who are affected by the ‘Poverty Premium’. At the first session, people shared their thoughts about what poverty means, and what challenges they face at the moment.

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