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Don't get bitten by the loan sharks this Christmas

last modified  12/12/2011 09:00 AM

Christmas is a time of year when money can get tight, and some unscrupulous people look to take advantage of that by making loans to vulnerable people, then charging interest rates which cannot reasonably be afforded.

Ron Gainsford, chief executive of the Trading Standards Institute (TSI), has spoken out against this practice. He said "Christmas often causes stress to many families due to the extra financial pressure it creates. The 'credit crunch' will undoubtedly add to the anxiety of those who are worried about the cost of paying for Christmas.

We want to make sure that consumers who need extra cash in the run up to the festive period don't make the mistake of turning to loan sharks."

There are many ways you can avoid falling into the loan shark trap, and EastendHomes has a webpage dedicated to this subject. This includes information on how to report a loan shark, where to find support and advice, and what your legal rights are.