The double whammy of austerity and predatory lending is having a negative effect on the mental health of people in povertyCracking down on expensive and predatory lending is not only desirable,it’s imperative. It is tough enough being destitute and paying a poverty premium on utilities and other essentials, never mind not being able to win cheaper credit that better-off people take for granted. As the Institute for Fiscal Studies pointed out in January, or debt problems tend to be more persistent among the poorest people,with 40% of the poorest fifth of households who were in arrears or spending more than a third of their income servicing their debts between 2010 and 2012 still doing so two years later. Related: Payday loans are snide for your mental health Continue reading...
Source: guardian.co.uk