For consumers, the seemingly endless and relatively easy availability of credit has become a feature of everyday life.
For our society, it has become one of our principal economic drivers and a measure of the health of our economy. For retailers, it has continued, in good times, to drive growth in sales.
However, not properly regulated, it can lead to considerable consumer detriment. Regulation is not a new concept, but over 50,000 businesses who are involved in the provision of credit are now having to face a massive change in culture brought about by the transfer of regulation from the OFT to the FCA in 2014.
So, how are these changes impacting retailers and other providers of goods and services to members of the public?