Mainstream financial service providers should help their rejected borrowers improve credit ratings and avoid sinking deeper into debt, by collaborating with high-interest lenders, many of which they own, argues a new report sponsored by the ESRC.
Better liaison and advice might prevent shocking cases such as that of the Meadows family of Southport, who hit the headlines last October after a loan of £5,750 shot up to a staggering debt of £380,000, says a study at Keele University led by Professor David Knights.
Professor Knights, now at the University of Exeter, said: “The Meadows case placed the whole issue of credit and lending into sharp focus. It was a particularly graphic example of how a relatively benign loan can get way beyond the ability of ordinary people to cope.”
Becky Gammon | alfa
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