The City regulator has today announced measures to try and prevent people getting into too much debt
This action should see those who use ‘payday lenders and other providers of high-cost short-term credit see the cost of borrowing fall and will never have to pay back more than double what they originally borrowed’.
Three proposals have been introduced.
The first is an initial cost cap of 0.8% for all high-cost short-term credit loans.
The second is fixed default fees capped at £15 if borrowers do not repay their loans in time.
The third is a total cost cap of 100% to protect borrowers from escalating debts and never paying more back in fees.
Sainsbury's Price War
Sainsbury's boss Mike Coupe is expected to outline his battle plan in the supermarket price war tomorrow by cutting back promotional activity.
He is also expected to slash back corporate expenditure and shareholder dividends.
Singles day sees profits surge
Finally, today is officially the biggest day for online shopping in the world, but it has nothing to do with Christmas approaching.
Every year China has a wild shopping day, with online stores such as Alibaba making more than $8 billion today.
The day is known as ‘Singles Day’, in which companies like Alibabi, post massive sales in homage to all single people.