MP fights payday loans

Julie Elliott MP
Julie Elliott MP
Have your say

SUNDERLAND MP Julie Elliott has vowed to continue to fight against the problems caused by pay lending on Wearside.

This came after the Government rejected an amendment to the Financial Services Bill to cap the cost of credit if a financial product was judged to cause “consumer detriment”.

The MP for Sunderland Central said: “Residents of Sunderland are suffering in our current economic climate as the cost of living rises, wage freezes and unemployment hit their household incomes.

“I know from talking to them how they are turning to credit from these companies to make ends meet. They lend money at extortionate rates of interest that can cause a cycle of debt for many, with one in three payday loans being taken out to pay off other payday loans.

“Despite saying they support action, too many Government MPs didn’t have the guts to stand up for the people they represent.

“But residents in Sunderland should know that whilst the Government may sit on its hands, we will continue to campaign for an end to legal loan sharking in Britain.”