Tagged: commercial property

North Tyneside Crackdown On Payday Loan Companies

North Tyneside Council has agreed a motion to block payday loan companies websites from its computers –  PCs used by all council staff and those available to the public in libraries and Customer First centres – and to prevent such companies setting up business in council-owned commercial property.

The motion also called on the government to legislate and effectively regulate payday lenders (dont hold your breath on that one…).

Mayor Norma Redfearn said: “With the soaring costs of energy and food bills, cuts in benefits and a freeze on wages it’s not suprising  that more and more people feel they have no option but to take desperate measures to meet their bills.

“Our research shows that people are now borrowing on average around  326 pounds a month from these credit companies. The interest they charge is absolutely scandalous, so it’s no wonder that many people are caught in a spiral of debt and taking out more loans just to get by.

“This council is taking a significant first step by agreeing this motion, and I can guarantee there will be more action to come.”

No matter how bad things get, there will always be someone waiting to take advantage. It’s to be hoped that other councils might follow this example, as well as promoting Credit Unions as an alternative.