Over in the UK Credit companies are using Facebook, which now has 8.5 million British users, to target young people, a debt charity has warned. Credit Action says adverts promising cheap loans for people with poor credit ratings are appearing on the site and many break advertising regulations. In particular, they are promoting two new products - payday loans secured against a salary or logbook loans secured against a car, it says. Apparently, many of the ads contravene UK credit advertising regulations, usually by failing to give details of interest rates. And as is happening here in the US, credit is getting tougher as it becomes harder to borrow from traditional sources.
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We'll take the interest in gold, or your first born!
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