City Council Bans Payday Loan Companies From Advertising On Bus Shelters & Billboards
In a ground breaking move, a City Council has banned payday loan companies from advertising on both billboards and bus shelters.
It is a brave move in these times of austerity because there could be a cost to the Council and the local population but they believe they have a duty to try and protect residents from spiralling further into debt.
Plymouth City Council believe that there are as many as 5,000 residents with short-term loans from companies such as Wonga.
.Community development cabinet member, Chris Penberthy said;
“Plymouth’s advice agencies are taking calls daily from people who are running up huge debts that are causing stress and hardship them and their families. We need to protect people and make it difficult for payday loan companies to operate in our city but we do recognise times are hard.”
The trade association of short-term lenders, The Consumer Finance Association, stated;
“We operate to high standards which protect consumers at all times.
Our members apply the same level of expertise to assessing credit worthiness as banks and credit card providers and will not lend to you if they think it will make your financial situation worse.”
Newcastle City Council have already been in conflict with Newcastle United when Mike Ashley renamed St.James’ Park the SD Arena and refused to change road signs etc. So if Plymouth’s initiative spreads then it will be interesting to see if Newcastle City Council feel compelled to do the same for their residents as their Plymouth counterparts have, especially in terms of their relationship with the football club.
Many thanks to Roger Parry for sending us this story which he spotted in the Telegraph.
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