The Sun is calling for a cap on the total cost of rent-to-own loans and doorstep lending at double the original item price or loan amount. This was introduced for payday loans in 2015 and the numbers of people struggling with unmanageable debts to those lenders has more than halved.
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People on the lowest incomes, living in the poorest places, are paying a poverty premium - around 7 million people have resorted to high-cost credit. People whose wages or benefits don't stretch far enough need to borrow from rent-to-own or doorstep lenders to help pay for things such as an unexpected bill or to furnish their homes. These come with exorbitant rates of interest - more than 1,500% in some cases of doorstep lending.
It's time to stop the credit rip-off.