MP Watts’ credit warning

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ST Helens MP Dave Watts has backing an e-petition demanding government intervention in the high cost credit market.

The Labour member of parliament for St Helens North believes cash-strapped residents need more protection.

He said: “With Christmas approaching residents in St Helens are likely to come under increased financial pressure and many will be considering taking out high cost, short term loans.

“I am determined that they should be protected from exploitation from the high cost credit sector.

“That’s why I’m signing a petition calling on the government to introduce caps on the cost of credit before Christmas and urging my constituents in St Helens North to do the same.

“In the St Helens area and across Britain payday lenders and home credit providers are allowed to charge as much as they like for credit, often causing severe financial difficulties for their customers.”