Submitted by Alan David Donegan on Thursday 5th May 2022
Published on Monday 9th May 2022
Current status: Closed
Closed: Wednesday 23rd November 2022
Signatures: 741
Relevant Departments
Tagged with
12 YEARS ~ Affordable ~ Banks ~ Cards ~ Companies ~ crisis ~ Debt ~ family breakdown ~ Finance ~ Loss ~ Media ~ Opportunities ~ Opportunity ~ Physics ~ Poverty ~ Prevent ~ Promoting ~ Ratings ~ Sell ~ Years
Ban the advertisement of high cost debt - 12 percent plus base rate
We call for legislation which bans all advertising - physical, online, media - of high cost debt (incl. but not limited to loans, credit cards, store cards, buy now pay later schemes). Predatory financial companies see the cost of living crisis as an opportunity to sell unnecessary debt.
Through advertising, banks associate debt with happy outcomes. They use terms such as 'affordable finance', 'simple monthly payments' and suggest it is about 'control'.
In reality, debt can lead to loss of control and cause financial instability. It can lead to poverty, homelessness and family breakdown.
As a young man, I spent 12 years fighting banks in court to keep our family home - I don’t want others to experience that pain.
The Government should prevent the promotion of high interest debt.
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