"In these tough economic times, the most vulnerable families in society are being lured into an unaffordable debt trap by a morally-bankrupt lending industry," said Barnardo's chief executive Anne Marie Carrie. She called on the OFT to protect families from being "unwittingly pushed further into poverty by compelling these unscrupulous lenders to make clear their extortionate rates".
Families on low incomes are being exploited by so-called rent-to-buy deals that charge more than double than High Street retailers. Barnardo's said consumers were paying up to 150% more for some standard household appliances. It cited a three-year rental arrangement with a well-known weekly payment store that cost £1,074 for a fridge freezer, compared with a High Street price for the same product of £430.
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