Stella Creasy, the Labour and Co-operative MP for Walthamstow, was in Plymouth on Friday to hear about Plymouth Labour's action against payday lenders.
Stella created the campaign against legal loan sharks. Payday lenders with uncontrolled cost of credit have been plunging thousands of people into poverty, trapping them with high interest rates and spiralling debt.
When Labour took power in plymouth in 2012 we took action against payday lenders. We banned payday lenders from renting council property and advertising on council-owned billboards. We also stopped access to payday lenders on the free wifi we introduced in the city centre and waterfront.
Credit Union support
Labour has supported Plymouth's two credit unions and has encouraged them to work together. We have also supported the credit union at Frankfort Gate to encourage more people to save and get affordable loans.
Stella visits the City of Plymouth Credit Union
Watch our video of Stella's visit to Plymouth's credit union on Friday.
Councillor Chris Penberthy, cabinet member for cooperatives and housing said:
"Over the past four years Plymouth's Labour and Cooperative Council has made it a priority to build the city's economy. We do not want to see local people ripped off by unscrupulous or illegal businesses. We have been successful in opposing the way in which the pay-day lending industry works; keeping pay-day lenders adverts off Council owned computers and billboards; and clamping down on illegal loan-sharks. We have campaigned against zero hours contracts, the bedroom tax and cuts to tax credits. At the same time we have actively supported local debt advice services; provided welfare and benefit maximisation advice; and invested time and resources to facilitate the growth and development of our local credit unions. Our holistic approach has made a radical difference to the lives of thousands of Plymothians."
Paul Williams, manager of the City of Plymouth Credit Union said"
"Plymouth's Credit Unions and our partners have never had as supportive a Council administration as the current one. Thanks to their support the Credit Unions have merged and have a city centre shop. Because of this our membership has grown by over 40% in the past three years, we have greater recognition and reach in communities, our savings book has risen to over £1million for the first time ever, and we are embarking on a major development programme. We have welcomed the opportunity to campaign with the Council and offer local people an alternative to legal and illegal loan-sharks."