A government crackdown on legal “loan sharks” will leave
poor families without any access to credit, despite being unable to manage on
their shrinking incomes. A study of the poorest families living in social
housing in the Midlands, carried out by the Human City Institute think tank,
found that the majority were in some form of debt. More than half (55 per cent)
owed more than £1,000. The study found that benefit cuts, a slow job market and
cuts in emergency hardship payments had made poor families more likely to
depend on short-term loans. Read more on the Independent website.
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