Mary attacks legal "loan sharks"
Wakefield MP Mary Creagh has added her name to a campaign to end legal loan sharking. In Britain today, there is no ceiling on the amount that lenders can charge for credit. The UK's poorest families pay the highest price for credit in Europe. Some payday lenders charge 3000% APR.
Mary has joined a coalition of activists, campaigners, citizens’ groups and MPs calling on the government to take action against irresponsible lending. She is urging everyone concerned about the issue to add their name. Left wing pressure group Compass is organising the petition which can be signed at http://action.compassonline.org.uk/endlegalloansharking
Mary Creagh said “I challenged the Chancellor George Osborne about unfair interest rates at Treasury questions last month. We know that high interest lenders were on the streets of Wakefield after the 2007 floods offering money to people who had lost everything. I’d like to see a cap on consumer credit, particularly now when interest rates are so low.”
The Labour government did a lot to give low income families access to financial services through the basic bank account. I hope we can expand this idea with the post bank so that no-one needs to get into debt with these people. I’ve signed up to the campaign to make a change – and I hope everyone in Wakefield will join me in calling on the government to end the scandal of legal loan sharking.”
To keep up to date with the campaign visit the website www.endlegalloansharks.org.uk