- Pre-written letter ready to send to MP
- Just follow the steps on the right by adding your postcode first
Britain faces a growing household debt trap, with millions of families up and down the country having to borrow to put food on the table. Last month we calculated that unsecured household debt, including loans, overdrafts and credit card debt, has grown an incredible SIX TIMES faster than wages since 2013.
Last month, the banks regulator, the Financial Conduct Authority (FCA) announced that it will cap the prices people pay for televisions, washing machines and other household goods bought on ‘rent-to-own’ credit from companies like Brighthouse.
The cap will mean that people never pay more than twice the face value of the product they buy, and the FCA estimates this will mean savings of £23 million per year for people who buy rent to own products. This is a big deal!
But the cap doesn’t apply to overdrafts, credit cards and doorstep lending, despite the overwhelming case that an overall cap on interest rates and charges is needed.
Please write to your MP asking them to write to Treasury Minister John Glen in support of a market-wide cost cap
Thank you for your support! Together we can rein in the rip-off lenders and lift families out of the debt trap!