Government Launches Task Force To Combat Loan Sharks

One of the effects of the economic crisis is that fewer people are being granted loans by banks. This has resulted in members of the public approaching loan sharks in order to gain much needed funds.

According to official statistics the number of people who owe money to loan sharks has doubled in the past four years.

The activities of loan sharks are illegal: Granting loans with extortionate interest rates and making use of violence to motivate repayment needs to be stopped.

A task force consisting of thirty trading standards officers who count ex-police officers among their number have been incorporated to combat the activities of loan sharks.

Critics have argued that creating one task force is not enough and that towns and cities across the UK need their own task forces.

Many people are suffering due to running up debts but this is one measure that may protect them.

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