People's un-payable debts - what is your policy?

There are 11,300 people struggling with debt in South East Cornwall. Levels of personal debt in the UK are higher than ever and many people are relying on credit to buy food and cover their basic needs. 

There is a whole industry preying on some of the UK's poorest families, with punishing interest rates and rip-off charges. Once people fall into the debt trap it can be almost impossible to get out. 

Despite this, the government is not doing enough. Earlier in 2019 the Financial Conduct Authority reviewed the rules around debt and did virtually nothing to stop rip-off lending. Please take action to end the debt trap. Will you support Jubilee Debt Campaign’s call for a cap on interest and charges? And if elected, will you put pressure on the Treasury to hold an urgent inquiry?

Answer:

                The Jubilee 2000 third-world debt campaign was the first issue that got me involved in politics. 

I am glad that some progress has been made against payday lenders in recent years, but there is clearly a long way to go. I am happy to support the call for a cap on the cost of borrowing and would welcome an inquiry to identify the scope for providing greater protection to borrowers.
As a maths teacher, I would love to see changes in the curriculum to allow more teaching of budgeting and personal finance. This would mean all young people would be better equipped to manage their own finances, and know which questions to ask, in today's world.
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