Lib Dems support crack down on loans scandal
27 Jan 2012
Liberal Democrat Councillors backed a motion moved by 2 Labour Councillors to crack down on the exhorbitant interest rates being charged by some companies.
Lib DEm Group Leader, Cllr David Foster said, "The rates of interest being charged by some of these companies is a scandal. They mak the loans sound very attractive, but when you look closely at the interest rates being charged you find they are over 1,000% in some cases 5,000%. We support the call for a cap on these high interest rates."
Here is the motion in full:
