The 28-year-old Fabulous columnist told The Sun she felt 'robbed' and 'taken advantage of' after she was tricked into signing up to a store card
STACEY SOLOMON has slammed "ridiculous" interest rates charged by shops and legal loan sharks, as she backs our Stop The Credit Rip-Off firm.
The 28-year-old Loose Woman panellist has spoken about how she was tricked into signing up for a store card in a high street shop - and how some of her friends are struggling to pay off their own debts.
Yesterday, The Sun launched its Stop The Credit Rip-Off campaign to help protect the millions of families struggling with high cost credit - and to expose the firms charging up to 1,577 per cent interest.
Just like Fabulous columnist Stacey, who ended up paying back THREE times as much as she should have for a dress.
She said: "You don't even know what you're signing up for. They didn't tell me it was a credit card - I thought it was a discount card.
"It was 5 or 6 years ago. I just assumed I'd paid for the dress and put the card in my purse.
WE never want you to pay more than double the amount you've borrowed - whether it's for a new sofa or a loan to help pay your bills.
That's why The Sun has launched a campaign calling for a cap on the total cost of rent-to-own loans and doorstep lending at double the original price or loan amount.
A similar cap was introduced for payday loans in 2015 and since then the number of people struggling with unmanageable debts to those lenders has more than halved, according to Citizens Advice.
People on the lowest incomes, living in the poorest places, are paying a poverty premium - up to 7 million people have resorted to high-cost credit, according to the Department for Work and Pensions.
People whose wages or benefits don't stretch far enough need to borrow from rent-to-own or doorstep lenders to help pay for things such as an unexpected bill or to furnish their homes.
These come with exorbitant rates of interest - more than 1,500 per cent in some cases of doorstep lending.
It is scandalous that one mum who borrowed cash to help keep a roof over her family's head and ended up paying back over THREE times the original amount.
It's time to stop the credit rip-off.
Here's what we demand:
Rent-to-own
Doorstep lending
"The next thing I knew I'd got a bill that was for two or three times what the dress was worth.
"I felt a little bit robbed and taken advantage of.
"I've learnt my lesson and I now make sure that I read all the small print and every bit of paperwork."
"I never wanted a credit card. I thought it was a discount card - the interest rates are ridiculous."
Stacey, who paid the card immediately and cancelled it, says that she has friends who are unable to buy a home because of the black credit marks which have been left on their files due to missed credit payments.
She added: "If you miss one of those payments then its really hard to get on the property ladder.
"I still have friends who borrowed money to pay for Christmas and they are still paying it back years later."
Although, she has never been tempted to take out a high cost credit agreement since over 7 million people in the UK did last year.
And the problem is growing. Debt charities warn that they've seen an increase in calls over the last year about high cost debt, like doorstep loans and rent-to-own agreements.
That's why on Monday we called for stricter affordability checks and a cap on the total cost so that no one ever pays double.
Today, the regulator, The Financial Conduct Authority, ordered rent-to-own firm PerfectHome to pay back £2.1million to thousands of customers, in a victory for The Sun.
In November, BrightHouse was ordered to pay £14.8million in compensation to 249,000 customers.
The FCA has admitted that stricter affordability checks are needed - and that it will be taking more action.
In support of The Sun's campaign Stacey said: "I feel like it's super important to support this campaign.
"People are really struggling with debt, they feel pressured into signing when money isn't good and they are unable to pay their household bills.
"These companies come along when you're at your most vulnerable and there should be stronger laws and regulations in place to protect people."
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