MPs back Debt on Our Doorstep campaign

The campaign group, Debt on Our Doorstep, wants to see a limit put on the credit interest to ensure that those people being targeted, often the most vulnerable members of society, do not fall even deeper into debt.

Interest on the small loans can vary from 160 per cent right up to 800 per cent and the market is under investigation by the Competition Commission.

Niall Cooper, part of the Debt on our Doorstep campaign, commented: “Although there is now widespread awareness of the harmful effects of extortionate and predatory lending in poor communities, the government’s response to date has been woefully inadequate.

“We hope that the Competition Commission, which is due to report shortly on the outcome of its inquiry into the home credit market, takes a much firmer line.”