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The Care Service - Secure care by legal provision not charity »

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A legal ceiling on the amount of interest (and admin charges) charged on a loan.

“Loan firms target the vulnerable, financially innocent and desperate with loans up to 189.2% APR. A limit of say 35% APR is needed.”

2. How does it fit with Compass’ core beliefs of equality, solidarity, democracy, freedom, sustainability and well being?

Personal debt - especially at excessive levels of interest is a corrosive practice which eats away at individuals, families, commmunities and society in a thousand ways. The world judges people by how much they earn. This is limited, as they should view people on how much debt or disposable income they have. By doing this you would find that people from all walks of life and from many income groups fall under this dark shardow called debt.

3. How does it build the institutions of social democracy, like social groups and collective and cooperative forms of ownership and control?

Most people in debt feel isolated and alone. They can feel responsbile and even stupid for the bad decisions they have made. Tragically individuals and communities in severe debt often feel helpless and marginalised and dont participate in society. Debt of this nature can drive people to despair and often does.

Credit unions can offer a partial solution and should be used to demonstrate that small sums of money can be borrowed at an acceptable level of interest and overcome the financial exclusion which can often nudge people towards these loan companies in the first place.

4. How much will it cost or raise and where will any cost come from?

It may cost the Labour Party some donors - but there again the Labour Party should question the motives of such donors.

5. Which groups in the electorate are likely to support or oppose this measure? Is there any polling evidence you have on this?

Those privilaged members of society especially from the financial sector would object and obstruct such a move. However, most of the ‘chattering classes’ should support it. Most people probably do not even know that there is no legal ceiling to interest rates on loans

6. Is there a place or country where it’s worked? Please provide some information.

There is a credit limit of 35% in Poland. However, even if this turns out not to be true - then there would be some pride in being the first country to introduce such a limit.

7. What are the three main arguments in favour/against it?

1) It sends a message to the disaffected and marginalised in our society - it would give them hope
2) It would at the same time send a message to those who take advantage and exploit the down trodden that we have them in our sights
3) It costs are minimal and would send ripples out to the wider world that we are serious.

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This entry was posted on Friday, February 13th, 2009 at 12:52 am and is filed under Wellbeing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.