The Scottish National Party (SNP) has launched a scathing attack on high street banks, calling them "legal loan sharks". The SNP claims banks are targeting the poor by setting up secondary firms and offering loans at increased interest rates, reports website icScotland. In a report released by the party's justice spokesman, the SNP say the banks are offering loans to people with bad credit and low incomes and are able to charge them inflated interest rates because they would not be able to get a loan elsewhere. It is reported that some lenders are forcing borrowers to pay up to seven times more interest than the typical rate. Personal debt in the UK currently stands at over £1 trillion.

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