Conclusion and Recommendations

Abstract

Finally I conclude and add recommendations that can have, to varying degrees, a real positive impact to the regulation of consumer credit in general, and high-cost credit more specifically. The recommendations are divided into industry-specific interventions, ranging from caps on the cost of credit, bans on rollovers, and offering longer term loans, to wider interventions such as an annual levy placed on the payday lending industry to payfor its own regulation, uniform laws on all consumer credit to ensure lenders cannot circumvent rules, a Community Reinvestment Act as well as banking ordnances, to the development of responsible credit.