“We feel we have no choice but to sign contracts so we can have normal everyday household items like a fridge… if you do not pay on time, this can lead to not only financial problems in the family but health issues as well, depression and anxiety where the money is coming from to pay if the person is already struggling with other payments eg rent, council tax and other bills. You can get into a real mess.”
Rising inflation and a freeze in benefits, tax credits and housing assistance means low income households are facing real financial difficulties. And with no option but to turn to high cost credit for basic household items.
It’s time the Government acted to protect families from getting into unsustainable debt.
We’re calling for
- the Financial Conduct Authority to regulate the rent-to-own sector more tightly by capping the total cost of goods bought through rent-to-own
- the Government to promote better access to affordable credit by creating a national interest-free credit scheme available to anyone eligible for Universal Credit
Please email your MP and ask them to write to the Minister for Financial Inclusion, Guy Opperman MP and the Economic Secretary to the Treasury, Stephen Barclay MP.
Visit our campaign toolkit to take more action