Dudley MP Ian Austin has called for payday loan shops to be kicked out of town centres in a new report.
The report created by the Human City Institute brings together new evidence that poorer families are being cut off from affordable credit and pushed into a cycle of debt. Please find more details on the report here.
Austin said that the rising cost of living was causing a “personal debt crisis” with a third of payday loans taken out to cover heating costs.
The MP has previously backed plans for a cap on the cost of credit and a levy on the profit of payday lenders to double the availability of low-cost alternatives such as credit unions.
Ian Austin’s foreword to the report says:
“The growth of payday lenders is an absolute disgrace. I want to drive payday loan shops out of Dudley High Street.
“Money’s tight for a lot of families in Dudley at the moment and this report demonstrates how these predatory businesses make their money by piling debt upon debt and making poor people poorer.
“The worst offenders have already faced fines, but let’s get a cap on the cost of credit in place and soon as possible and help responsible lenders like the Castle & Crystal credit union here in Dudley.”