Ed Miliband has called for pay day loan advertisements to be banned from being shown during children’s television programmes. The Labour leader said that if the Advertising Standards Authority failed to act upon this then Labour would legislate.
Pay day loan adverts are “in danger of grooming a new generation to this type of borrowing” said Martin Lewis founder of Money Saving Expert. Pay day loan adverts have become popular with children for their child friendly, animated manner.
A Money Saving Expert survey showed that 1 in 3 children find pay day adverts ‘fun’, whilst 14% of parents have been asked to take a pay day loan when they have refused to buy something for their -10 child.
A spokeswoman for the Department of Business, Innovation and Skills has said that that the Government has already been toughening up against payday loan companies with 2 misleading advertisements being banned in the last 6 months.
Source: Money Saving Expert by @TRJH1991
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