The UK Credit Industry Is Rotten

The UK Credit Industry is rotten and there are few people who ever talk about it.

Although the FCA has been working over the past decade to tighten up on payday loan companies and other unscrupulous practices, the world of credit continues to prey on the vulnerable.

The biggest amounts of money in the industry are made from those who can afford it the least - people with low incomes and poor credit.

Companies that deal with near-prime and subprime lending earn the highest returns on the money they lend out and are prepared to pay the highest amounts for attracting new customers.

So the most profitable customers are not the premium platinum card users but customers who have a poor credit rating taking out yet another loan to bridge the gap to the next payday.

With hundreds of pounds or in some cases thousands being paid per referred customer, it is no wonder there is an entire industry marketing these loans - comparison websites, online ads and brokers who are all more than happy to send customers over in exchange for cash.

And now that the FCA has increased scrutiny, the battle seems to be shifting over to Debt Management - now these programmes are pretending to help customers while still charging extortionate fees and continuing to fleece them under the new disguise.

Most of this help is relatively meaningless and the customers could have easily done the exact same things with very minimal education and time.

But things continue being exactly the same - these customers continue being preyed on and these companies continue charging obscene fees for these "services".

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Видео The UK Credit Industry Is Rotten канала Sasha Yanshin