Thank you for contacting me regarding the ongoing issues in relation to payday debt in the United Kingdom. We must stop companies from making massive profits from people’s financial difficulties.

 

Unfortunately, stories of unmanageable debt like Danny’s are not rare. The Financial Conduct Authority estimates 8m people are over-indebted and unsecured lending by British households is at an all-time high. Labour has long been pressuring the government to cap interest payments on payday loans in the past. However, still, more than 3 million credit card holders are still trapped by their debt.

 

The Labour Party and I believe the UK should not be a place where people are forced to pay more in interest charges and fees than what they originally borrowed. It is paramount that we tackle the problem of debt head-on by extending the existing payday lending rate cap to credit cards and overdrafts, and introducing a £10 an hour minimum wage to lift people out of low pay. 

 

 

 

I hope that this gives you assurance that Labour and I are committed to tackling the problem of payday lending head on. 

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