First step towards fairer financial landscape
The Church Times (7/9/18) reports on reactions from campaigners to the demise of Wonga including Frank Field MP, Citizens UK and JFF. Rowena Young, JFF Executive Director, is featured in the report commenting that:
“The spectacular demise of payday lender Wonga is the first step towards a fairer financial landscape. Wonga is dead, and so too is their practice of leaching hard-earned funds from poor communities.The model has been proven unviable in a tightened regulatory context. Investment in similar models is toxic.
“But as two million people earn the minimum wage, millions more are underemployed and their numbers swell, short-term credit remains a lifeline.The question now is where Wonga’s customer base will get it."