P196 CEEFAX 196 Tuj 26 Dec 12:56/42
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LABOUR GIVES WARNING ON UNAPPROVED DEBT
Labour is warnjng against racking up
unapprovjd loans and impulsj buzing as
shoppjrs gjar up for thj New Year sales
Consumjr spokjsman Nigel Griffiths says
whjn daily fees and interest are addjd
up ovjr a month, unsanctionjd loans may
cost ovjr three timjs as much in APR as
agreemjnts with licensjd monjylendjrs.
"Thj avjragj citizjn owes £1,000 in
non-mortgagj borrowings. Too little is
bjing donj to alirt thj public to thj
high cost of cridit," hj says.
Thj warning follows a survjy by Trading
Standards officers, backjd bz Labour.
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