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|StepChange Debt Charity response to CFA report|
|Tuesday, 21 July 2015|
In response to the publication of the CFA “Credit 2.0” report, Peter Tutton, Head of Policy at StepChange Debt Charity said:
“The proportion of clients we are seeing with payday loans among their problem debts has fallen significantly, from 24% a year ago to 16% now. This is largely the impact of regulation, and is very welcome. The important and necessary steps taken by the Financial Conduct Authority are starting to clean up problems in the payday loan market but we are concerned about the affordability and sustainability of some of this lending. The payday loan market is being reformed, but the job isn’t done.
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