Crackdown on expensive loans as customers "borrowing from Peter to pay Paul"
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mirror.co.ukCustomers are taking out expensive new loans to cover the cost of debt they already have, while lenders cash in - and the banking watchdog has had enough.
Publishing its review into high cost credit, the Financial Conduct Authority found example after example of lenders making money from people already in debt, while advertising additional loans for things like holidays.
One man from Glasgow told them: "I was borrowing from Peter to pay Paul, and robbing Paul to pay someone else." And the cost to real people is higher than just the interest rate.
A woman from Peterborough said: "It’s a feeling of helplessness. It’s awful. You don’t sleep, you worry. You feel guilty about not being in a better position to support your family and about having
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