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Facebook users warned over illegal debt ads

13/05/2008

Credit companies are illegally targeting users of internet social networking sites in a bid to boost their debt consolidation businesses, a charity has warned.

Research from Credit Action found that adverts promising cheap loans for people with poor credit ratings are appearing on the site and many break advertising regulations.

The study found details of interest rates and repayment structures are often left out of the adverts on the site due to a lack of space - something which is against UK advertising regulations.

A charity spokesman told the BBC that Facebook`s huge recent popularity has made it the target of many financial advertisers.

"Lots of credit companies, especially payday and logbook loans companies, are using the medium to advertise their products," he said.

"It is such a popular method because they can target young people with whom the site is so popular."

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