Labour leader Ed Miliband has attacked payday loan lenders, claiming that "the Wonga economy is one of the worst symbols of this cost of living crisis." A Wonga executive has told MPs his firm's practice compares 'favourably' with credit cards.
The Labour leader Ed Miliband has launched an attack on the payday loan industry.
Recalling stories of people he had spoken to recently that had been "preyed upon by payday lenders", he said:
"Last night the boss of Wonga said he was speaking for the ‘silent majority’, who are happy with their service.
"But the truth is he wants us to stay silent about a company where in one year alone their bad debts reached £120 million.
"An industry in which seven out of ten customers said they regretted taking out a loan.With half saying they couldn’t pay it back.
"Payday lenders don’t speak for the silent majority. They are responsible for a quiet crisis of thousands of families trapped in unpayable debt."
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