Since the recession hit, a third of families are now spending more each month than they have coming into their households. 4 in 10 people across the UK are worried about their debt, five million are permanently overdrawn, and 22% will carry a credit card debt throughout 2011. Legal loan sharks are taking advantage of a lack of access to credit faced by many of these consumers as they try to make ends meet, lending them money on which they charge interest rates of up to 4,000% or more.
As part of a UK-wide Church Action on Poverty campaign, I’ve just emailed my MP asking them to support legal measures which would regulate these companies and stop them from exploiting vulnerable people. Could you do the same?
Please take two minutes to email your MP! Just click on this link and Church Action on Poverty will do the rest for you!
Rev. Dr. Scott Peddie, Chair, Church Action on Poverty NI