Martin Lewis backs Plymouth CAB/Advice Plymouth Payday Loans Campaign

Payday loans have become a scourge across Britain attacking our high streets and giving
people the idea that this very niche form of lending, that’s unsuitable for most
people is perfectly normal. Worse still we see it even on our children’s television
channels. It’s a form of financial grooming in luring the next
generation to this type of debt, making them think it’s
normal, it’s perfectly normal to borrow at extremely high rates for short terms with terrible terms if you can’t repay. That’s
why what you’re doing, in encouraging credit
unions, nonprofit local organizations still with the same protection & backing from
the regulator the Financial Services Compensation Scheme protection just as legitimate. Encouraging them take
on the payday lenders to show that if you really need money (‘cos if
you don’t need it, why are you borrowing it?) If you really need money, then there is
another alternative. and what we have to do in every way that
we possibly can is think about getting that message out
to a wider society so I love the idea of the contest. How do
you promote credit unions? What does it mean
to you? It does many things by asking this question First of all, it helps all the people who want to enter the contest, actually think and understand the concept it what a Credit Union is in the first place. But then it says “Let’s get creative”, “let’s start to think and understand what
will appeal to people who couldn’t currently go to payday loans”, because it isn’t just a financial
transaction remember. People who go to payday loans, it’s often a technology play Its’ often “I can just do it on my
phone by pressing a button”, it’s easy! And what we have to do is make people
understand that, first of all, Getting into debt isn’t necessarily an easy
solution. It’s a short term fix but it can cause a long-term hole and if
you going to do it you have to think about it you have to take your time but there are
paths that are a lot easier than going to payday lender. So well done you, Plymouth CAB for taking this on. I just
wanted to send you my support for the project and wish you all the best and I
will be very interested to see exactly what those adverts come up with.

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