News Column

Campaign's warning of loan dangers

January 24, 2014

A NATIONAL campaign against so-called payday lenders is being supported in Middlesbrough . Today is Payday Loan Danger Day - held to highlight the problems caused by falling into the cycle of escalating debts through such lending arrangements. Last year, Middlesbrough Council blocked payday loan companies' websites from all its computers. And coinciding with Loan Danger Day , members of the Middlesbrough's Financial Inclusion Group , which brings together key organisations and communities to tackle issues in the town, have followed suit. Susan Borrow , from the Know Your Money (KYM) young people's project, said: "We have many clients that have taken out several payday loans and are now suffering from severe financial hardship as a result. We've taken the step to block all payday loan websites in our building and are supporting the young people who are suffering from the consequences of taking out a payday loan." Andrew Bell , Home Group senior client services manager, said: "We've decided to block access to these sites on client computers and are promoting alternatives such as credit unions, budgeting and the importance of long-term savings." Councillor Tracy Harvey , Middlesbrough Council's executive lead for welfare reform, said: "By working together we can tackle the issue of payday lending and improve the lives of people who have become worse off because of it." To speak to a debt adviser, call Middlesbrough CAB on 0844 4994110.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Evening Gazette (UK)


Story Tools