Our foster
daughter Karen* is a hard worker. She has been ever since she left
school at 16. Having struggled at school with special educational needs,
she set her mind to getting a job and working to support herself.
Sadly, it wasn't always easy for Karen and she fell into a cycle of alcohol abuse, gambling and debt. That's when she turned to a pay day lender.
The debt of
£100 soon spiralled out of control and she found herself owing £1,000
with the companies chasing her ruthlessly for the ever increasing sum of
money.
Some of these firms charge up to 16,000%, making it almost impossible for those already struggling to ever pay the debt back. That's why I've started a
petition on Change.org urging members of the House of Lords to vote to
cap the interest which companies can charge for these loans.
I know people
need to take responsibility for their actions but I believe these
companies intentionally exploit those struggling with money and
something must be done. By capping interest rates at least borrowers
like Karen would have a chance of getting on top of their debt.
Karen was lucky. She had a support system that could help her get out of this cycle of debt. Others are not so lucky. This Wednesday the House of Lords has a chance to do something that could help thousands of people. Please join me in asking them to take that chance.
Thank you,
Arthur
*Karen's name has been changed to protect her identity
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