The Archbishop of Canterbury is warning the payday lender Wonga he plans to force it out of business. He says the Church of England will compete against it, by putting credit unions on its sites. Payday lenders give short-term loans but they come with high interest rates, and are often blamed for leading people into more debt. The Archbishop's comments have received widespread support from within the Christian community. Matthew Reed, Chief Executive of The Children's Society, said: "The Archbishop of Canterbury should be applauded for taking such a bold stance to tackle the scourge of high cost payday loan companies. "Many charge eye-watering rates of interest and drag people into a vicious spiral of debt and despair." John Kirkby the founder of Christians Against Poverty. He told Premier's Marcus Jones on the News Hour it's great to see the Archbishop speaking out.

Pray: for all measures that will bring an end to usery style loans to break the vicious circle of debt. (Ez.22.12)

More: http://www.premier.org.uk/news/current/Christian%20charities%20support%20Archbishop%20over%20payday%20loans.aspx