One million people are in debt to loan sharks
A report by the Centre for Social Justice has found more than one million people are in debt to loan sharks – 700,000 more than previously thought and includes middle-income families.
The report called Swimming with Sharks highlights that anyone can be exploited by an illegal money lender, but most victims face a range of interwoven disadvantages – low incomes, long-term health problems and pre-existing indebtedness. These are the people at the sharpest edge of today’s cost-of-living crisis. And the combination of pressures on household budgets, low financial resilience and increasingly limited credit options is liable to create a perfect storm in which people are driven towards exploitation.
Need to know more see the Stop Loans Sharks website. SLS are running a series of FREE live online training sessions about illegal money lending.