From today (2nd January 2015) people using payday lenders and other providers of high-cost short-term credit will see the cost of borrowing fall and will never have to pay back more than double what they originally borrowed – someone taking out a loan for 30 days and repaying on time will not pay more than £24 in fees and charges per £100 borrowed.
See these pages for further information:
Financial Conduct Authority http://www.fca.org.uk/news/fca-confirms-price-cap-rules-for-payday-lenders
If you need help managing debt after Christmas, please contact any of these local services for help:
Hyndburn Citizens Advice Bureau, Lancashire Women’s Centre, Maundy Relief Trust, or Scaitcliffe Community Centre.