AM backs charity calls on Facebook credit adverts
12 Mai 2008
Plaid Cymru Assembly Member for South Wales West, Bethan Jenkins, has today backed calls made by debt charity Credit Action for credit companies to respect advertising regulations when placing adverts on social networking websites such as Facebook.
According to the charity, credit companies are using the Facebook social networking site to target young people. Credit Action says adverts promising cheap loans for people with poor credit ratings are appearing on the site and many break advertising regulations.
Neath-based Ms Jenkins said:
“It appears that credit companies are promoting new products such as payday loans secured against a salary and logbook loans secured against a car. In doing so many companies are breaking advertising regulations by not detailing the specifics of such loans, such as the amount of interest payable.”
The charity has made a complaint to the Office of Fair Trading. It is now advising Facebook users to warn the website about adverts which break the rules.
Ms Jenkins added:
“Specific targeting of young people is a very worrying development, especially at a time when the current credit-crunch is taking its toll. It is estimated that Facebook has 50 million users worldwide – it is vital that all adverts relating to loans are clear and comply with regulations.”
ENDS
For Further information please contact Steffan Lewis on 07961 732 405.
