I will also be voting for Stella Creasy MP's motion in the Commons today because it’s time we did something about unsecured lending. The rates these payday lending, home credit and hire purchase companies charge are astronomical and as there’s little competition they get away with it.
In other countries across Europe and North America, politicians have acted to protect the poorest consumers to ensure that this type of lending is done fairly. You only have to look at the way exploitative lenders are multiplying on our high street to know that it’s time Britain followed suit before even more people got into unsustainable levels of debt with these companies.
It’s a proposal based on sound evidence of what works, capping the costs of credit rather than interest rates to make sure lenders can’t evade it. I hope the Government will listen to those of us who want to see these measures become law and support this motion – I look forward to voting for it and standing up to the legal loan sharks who target Britain’s poorest consumers!