Concerned about debt: Sutton South Councillor Richard Clifton
A Sutton South councillor is calling for new controls on payday loan companies as figures show an "alarming" rise in debt enquiries in Sutton.
Councillor Richard Clifton said: “I am increasingly concerned that people are turning to these companies without looking into the real costs of borrowing money, which is sometimes over 1,000 per cent.”
Figures released as part of Sutton Council’s Economy Watch - Economic Indicators report reveal that enquiries to Sutton's Citizens Advice Bureau are up by about 5 per cent in the last quarter and debt enquiries have increased by 8.8 per cent.
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