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Nick Pearce – The Politics of Debt
As the Observer reported last weekend, the Office for Budget Responsibility (OBR) has revised its household debt assumptions upwards. Last June, the OBR forecast that household debt would increase from an average of £58,000 for every household in the UK in 2010 to £66,000 by 2015. Now it expects it to rise to £77,000. This [...]
Matthew Fulton – Beware of the personal debt time bomb
We have heard this week that UK borrowers have paid off 7 billion of mortgage debt in the last quarter of 2010. While this may seem like a welcome figure for many home owners, we must remember the context this is in. When we take 2010 as a whole that figure becomes 24 billion. This [...]
Companies ‘could offer their own loans’ to employees
Could large companies provide credit for their employees? Read more here http://www.cleardebt.co.uk/news/companies-could-offer-their-own_16052.php
Jim Fitzpatrick MP calls on Chancellor to tackle legal loan sharks
Labour’s Shadow Transport minister today joined other MPs calling on the Government to tackle the threat posed by high-cost lenders. To read the full story follow this link http://is.gd/AXA8m1.
West Leeds: Fighting debt on estates
Rachel Reeves, MP for Leeds West has called on the banks to play their part in lending to communities. For the full story follow this link http://www.calverleytoday.co.uk/news/latest-local-news/west_leeds_fighting_debt_on_estates_1_3205269
BBC News covers the campaign in Norwich
Click this link to watch the video http://www.bbc.co.uk/news/uk-england-12773962
Reverend Paul Nicolson, Chairman of the Zacchaeus 2000 Trust, argues that welfare cuts will increase demand for high cost credit
The Z2K Trust works with vulnerable people when they are in debt to the State because of the complexity of the welfare system. We see the work of private companies and the job centres trying to help the unemployed into sustainable employment being inhibited by the debts imposed against poverty incomes which depress welfare claimants [...]
Community based campaign grows in Norwich – Matthew Fulton reports
Norwich Labour Party along with a coalition of trade unions has recently began supporting the “end legal loan sharking” campaign. From the start we wanted this campaign to be community based. We thought that this could ensure that the campaign would be empowering and effective. For example we took a member of the public who [...]
Reflections on the European Commission Report
I know it has been a while since this report came out but we have all been very busy. Now things have died down slightly I thought I would give me verdict on the European Commission’s Consultation on the Study on interest rate restrictions. To take a look at the study yourself follow this link [...]
Blackpool and Hackney councils take action
Since being promoted to the Premier League this season, Blackpool FC has become another feather in the cap of the legal loan shark Wonga much to the disgust of Blackpool Council’s deputy leader who cringes when he sees the Blackpool players take to the pitch with Wonga emblazoned across the famous orange jersey. “I think [...]