Russell Hamblin-Boone, CEO of the Consumer Finance Association said:
“Our members demonstrate a strong commitment to treating customers fairly and to providing appropriate products and services. We are disappointed when anyone has cause for complaint. The bigger picture based on recent research by the Social Market Foundation showed the changes in the short-term credit market have had clear benefits for consumers. It revealed people are paying less to borrow, fewer people incur fees for missed payments and more people are paying off their loans early.
“Our industry will continue to work hard to best serve the customers who depend on and trust the services our members offer.”