Blackpool North and Cleveleys MP hails new action on high interest loans

He has campaigned for stronger regulation of rent-to-buy companies which he is fears have contributed to growing debts for low income and vulnerable people.

Last year he welcomed a £14.8m fine imposed by the FCA on the biggest rent-to-own retailer Bright House for irresponsible lending.

The FCA this week revealed its latest progress in the high cost lending sector, including a review of unarranged overdraft charges, investigations into add-on products sold by rent-to-own firms and interest rates set by catalogue retailers.

Mr Maynard said: “I remain firmly of the belief that stronger regulation is needed to protect customers.

The high rates of interest retailers charge remains a great concern and those on lower incomes are still paying significantly more than the cash price for white goods and other consumer items.

The cost can be further inflated through products such as extended warranties or insurance cover.”

He said Fylde coast folk should look at cheaper credit options such as CLEVR Money the new branding for the credit union.