Low income consumers are typically paying £174 a year on extra credit costs from high street lenders by building up charges as they juggle their finances, a report warns today.
Consumers can now get permanently free access to their credit report, which can tell them if they're likely to be accepted for a credit card, loan or mortgage.
Labour MP Stella Creasy has stepped up her calls for a cap on the cost of short-term, high interest loans, as new figures reveal 3.5 million Britons expect to need a payday loan in the next six months.
Borrowers who need cheap credit have been urged to consider snapping it up now in case costs soar and the chances of getting a credit card, loan or mortgage diminish.
Borrowers are to be better protected from dodgy credit brokers, as the Office of Fair Trading (OFT) has today published new guidance setting out standards it expects.
The Government has today announced a voluntary package of measures, agreed with the major banks, to help limit overdraft charges when a customer exceeds their limit.
21 November 2011
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