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Payday loan companies defend their record to MPs

5 November 2013 Last updated at 17:03 GMT

Payday loan companies have been defending their record before a committee of MPs.

Senior executives of the short-term, high interest lending industry say the majority of their customers are happy with the service, and pay back their loans on time.

The Labour leader Ed Miliband says the "Wonga economy" is one of the worst symbols of what he calls "the cost of living crisis".

Lauren Jennings took out new loans to pay off old ones, and became trapped in debt.

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