24/02/12 - The Co-operative Bank comments on OFT decision to investigate payday loans
In response to the news that the Office Of Fair Trading is to investigate payday lenders, Robin Taylor, Head of Banking at The Co-operative Bank said:
“We welcome the news that this type of borrowing is to be investigated. Our research* shows that the average British adult is now £749 in debt and one in every twenty people who are struggling financially turns to a payday loan.
“Having too much month left at the end of your money is becoming an increasing problem and worry for many and we understand that it can be tempting to turn to methods of borrowing that look easy just to make ends meet. As a responsible lender we would always encourage anyone who is worried about their finances to speak to their bank in the first instance.
Organisations such as the National Debtline or Consumer Credit Counselling Service also offer free and confidential advice so this is a good route for anyone who is concerned about their finances. Seeking advice is the most effective way to prioritise your debts effectively and tackle the situation head on.”
*in conjunction with YouGov, debt doesn't include mortgage borrowing