Warning on Carmarthenshire loan sharks
As Christmas approaches, Carmarthenshire residents are being warned to avoid using illegal money lenders and look to other options for short term loans. Carmarthenshire County Council executive board member for business, public protection and youth services Cllr Pam Palmer and executive board member for corporate property, customer focus and community wellbeing Cllr Kevin Madge said: “The current economic climate is placing pressure on families and making it harder to make ends meet. People who may have lost their jobs, have outstanding debts or are struggling to raise credit through the usual means can become desperate and turn to loan sharks. “It’s important that we get this message out to residents that loan sharks should be avoided because they will make a difficult financial situation much worse.” Loan sharks operate illegally and ignore regulations from the financial industry, which means borrowers are not protected. Loan sharks often charge extortionate amounts of interest and h...