From June 18, a revised law controlling moneylenders, which has been applied incrementally up to now, goes into full force.
A salient feature of the law, reports Nikkan Gendai (May 19), will be a limit on the loan amount to less than one-third of the borrower’s annual income. At the same time, nearly all consumer loan companies are ceasing to extend loans to housewives.
According to the national census of 2005, Japan had 16.4 million full-time housewives, of whom an estimated 4.75 million, or 29 percent, had taken out consumer loans.
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