End Legal Loan Sharking

Monday, 15 August 2011

Capping the cost of credit and increasing access to affordable credit would help enable the poorest households to become financially independent and help to provide a route out of personal debt. Currently irresponsible lending can cause personal debt to become unmanageable; some loan and credit companies are charging annual interest rates equivalent to over 2500%. Borrowing at these rates repeatedly tips customers into inescapable cycles of debt and poverty.

This campaign generated the support of 208 MPs from all across the house and due to pressure from our campaign and campaigning from others such as Stella Creasy MP the Government is now commissioning fresh research into the viability of a credit cap, an unthinkable step before our campaign was launched.

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