High Cost Credit Bill
Debate between Paul Blomfield and Baroness Keeley
Barbara Keeley
Absolutely.
I applaud my hon. Friend the Member for Sheffield Central for introducing the Bill, which could do much to regulate the industry and provide greater safeguards for those who need them most. My hon. Friend the Member for North Durham talked about the millions up and down the country in such dreadful situations. There is nothing more worrying than the oppressive feeling of being in debt, yet being unable to pay it back, so this Bill is vital.
Paul Blomfield
Would my hon. Friend like to comment on the important proposals made earlier by our hon. Friend the Member for Harrow West (Mr Thomas) about developing alternative products and the role of credit unions in that process?
High Cost Credit Bill
Debate between Paul Blomfield and Baroness Keeley
Paul Blomfield
It is indeed. If we look across the United States and some other European countries where regulation is the norm, we see a variety of approaches to capping interest rates and capping the total cost of credit. That is also an issue to which I will return.
Barbara Keeley (Worsley and Eccles South) (Lab)
Is not the key issue affordability? I recently heard from a constituent who had to pay back £160 after borrowing £100 for a week. She could not afford the £100, and she certainly could not afford the £160.
Paul Blomfield
My hon. Friend makes an important point. Affordability is indeed at the centre of the Bill, and is an issue to which I will also return.