Major win for activists in payday lending campaign
November 29, 2012 in News by Movement for Change
Movement for Change activists are celebrating a major move forward in our co-ordinated actions to secure a cap on the cost of credit.
Yesterday evening, the Government enacted a surprise U-turn in the face of sustained pressure, recognising the need for a cap on the cost of credit and announcing measures to give such powers to a new regulatory body, with further announcements next week.
This victory marks the culmination of months of focused actions by Movement for Change activists across the country, supporting the parliamentary efforts of our Vice Chair Stella Creasy MP and others. With partners Unite the Union, Community Union, the Co-Operative Party, as well as dozens of local community groups, we have built a steady momentum around the testimony of people directly affected by the devastating consequences of high-cost credit.
The work continues. From Newcastle to Norwich and Walthamstow to Wales, our activists are planning actions for the new year to push the momentum forward towards an unequivocal cap on the cost of credit. Join us now to help make the change.
I couldn’t believe these pay day loan companies were legal when they all popped up a couple of years back. I thought there was legislation to stop exorbitant interest rates, literally loan-sharking, and that they would disappear very quickly. This u-turn is a major move in the right direction. Government is supposed to protect citizens from each other, not themselves! They’ve been too busy worrying about the price of a unit of alcohol to deal with this basically legal crime of pay day loans. Hats off to all involved. I lent my support and obviously many other did too