There has been a worrying increase in the numbers of people falling into the debt trap, getting loans at often extortionate rates which they clearly can't afford to repay. Consumers need to know what they are letting themselves in for when they sign up for credit. The expensive catch shouldn't be hidden in microscopic text. It should be explained, up front, by the lender. It is undoubtedly true that the time has come for modification of the consumer credit rules, but having lenders make checks won't stop potential borrowers lying.
Simplifying rules can make enforcement more difficult.
But we have to move with the times. For example, it is unlawful to send out unsolicited credit cards. So the industry send 'cheques' to 'help' you move unpaid balances around and they send out 'pre-approved' loan offers. These are not illegal but they can be just as dangerous as sending out the cards. The latest weather forecast, plus a 5 day look ahead.