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Campaigns call for lower interest on loans
A campaign has been launched that is calling for lenders to reduce interest charges on their products.
Labour MP Ian McCartney is among the group that would like the government to introduce new caps on loans, which would be similar to those in place across countries such as France and Germany.
According to the Daily Mirror, the price of borrowing for some families has risen by over 25 per cent in the past 12 months, which means over £750 million may have been taken out of poor communities by legitimate lenders in the past ten years.
The campaigners would like rates to be limited at around the 20 per cent mark.
Mr Ian McCartney told the newspaper: "As they are registered they are not loan sharks. But it is time for the government to act."
According to recent figures published by Credit Action, levels of secured lending across the UK rose by £0.9 billion during October.