It is sad to see that some commentators and campaigners are still stuck in the past when it comes to describing the High Cost Short Term Credit (HSCTC) Sector.

Only today, an article in the Guardian described loans as having “Interest rates that are so high that poorer customers end up paying for goods many times over, loans are increased or rolled over in perpetuity, and some are extended to customers who are never likely to be able to repay them.” This is an outdated view, the author seems to have missed all of the changes of the last five years – the price cap, limits on rollovers, and the huge drop in the HCSTC market.

The industry and the Financial Conduct Authority (FCA) has worked hard to tackle poor practice in the sector and significant changes have been made. This has was acknowledged by the FCA  in their Call for Input on High Cost Credit “Much progress has been made in reducing consumer harm and there have been significant changes in the high-cost credit sector since 2014.”