Charities have called for rent-to-own lending and other
forms of high interest credit to have their charges capped. The demand came as lenders and debt
management charities were quizzed by MPs on the Treasury select committee as
part of an investigation into household finances. Rent-to-own forms of
borrowing, where a consumer might pay a weekly amount over time, in order to
pay for a product were a serious problem for “very vulnerable” people, the charities
warned. These forms of lending are used by half a million consumers each year.
Rent-to-own often led the poorest customers to pay a much high premium for
items, such as washing machines. Read
more on the Daily Telegraph website.
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