Virgin Money has raised interest rates on its credit cards by almost 50% in a further blow to borrowers faced by recent mortgage rate hikes.

MPs have demanded a new law to rein in companies offering high-cost, short-term payday loans to stop them exploiting vulnerable people.

Halifax, Britain's biggest mortgage lender, is to dramtically increase the cost of its standard variable rate (SVR) mortgages from 1 May.

Watchdog to investigate claims that lenders target benefit claimants who can't afford repayments

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In these difficult economic times there is no shortage of debt advice out there. One thing the experts seem to agree on is that you should act early.

Payday lenders are all set to become more mainstream, if you believe the accountancy firm PricewaterhouseCoopers. The bean counters said in a report published this week that they've seen increasing evidence of consumers seeking alternative finance such as payday loans.

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Consumers cut their debts at the fastest rate in two decades during December amid signs they dipped into savings to pay for Christmas.

Britain's biggest payday loan company, Wonga, has signed up to a new code of practice being introduced on Wednesday that will restrict the number of times a loan can be extended.

Twenty years ago, the pawnbroking industry had all but shut up shop. Now business is booming as never before. Rhiannon Harries meets the loan arrangers whose value is on the rise.

Payday loan firms which flout European consumer rules will be shut down, the European Union said this week. Its investigations found that four out of five UK online credit companies failed to provide basic information required by law, such as the cost of borrowing.

Delays and uncertainty over new financial regulations risk upending long-term investments such as new mining projects or international trade, the head of Barclays' investment bank has warned.

Online payday loan firm Wonga was forced to remove an article from its website yesterday after it caused outrage by suggesting that students should take out loans that cost up to 4,000 per cent rather than using government-backed Student Loans, which charge around 5 per cent.