Cap on expensive short term loans

Left Foot Forward has posted a link to the campaign to end legal loan sharking. The title of the campaign is a little misleadering as the Labour MP for Wigan, Lisa Nandy is actually calling for a cap on the charge for credit. However this is a better idea than a total ban. This will still allow credit lending to continue and will not stop these loans. Many People on low income need these loans to help them live from day to day.

The early day motion also calls for alternative sources of affordable credit. This is a must as it is very unfair the that the poorest in Britain pay the highest price for credit in Europe. It is also very important because as Tony Burkson on twitter points out 'Loan sharks exist because of demand' and 'not everyone can go to the bank for a loan.'

Please do join me in sending a letter to your local MP to ask them to sign the early day motion. This can be done very easily at http://action.compassonline.org.uk/page/speakout/EDM660