Stop The Credit Rip-Off Campaign

EDM number 1152 in 2017-19, proposed by Robert Halfon on 29/03/2018.
Categorised under the topics of Consumers, Financial services, Incomes and poverty and Loans.

That this House is aware of the Stop The Credit Rip-Off campaign, led by The Sun; notes that around seven million households turned to high-cost credit such as doorstep lenders or rent-to-own firms in 2017; further notes that the vast majority of those turning to such credit schemes are on the lowest incomes; is appalled to learn that those turning to high-cost credit providers can easily end up paying back more than double the amount that they borrow; and therefore urges the Government to support the campaign and to stop millions of families falling prey to doorstep and legal high street loan sharks.

This motion has been signed by a total of 8 MPs.