AS DEBT soars for many people in the West Midlands after an expensive Christmas and the cost-of-living crisis, a campaign warning about the dangers of loan sharks is due to be stepped up in January.
Led by Assistant Police and Crime Commissioner Tom McNeil, credit union CitySave, and the England Illegal Money Lending Team, the project pushes for greater awareness of people who lend money illegally.
The campaign also raises awareness of the help available from legitimate and responsible lenders such as credit unions.
The Centre for Social Justice estimates around 1million people could be borrowing from illegal money lenders in England, whilst two in five confessed to concealing a financial product, such as a credit card, from a loved one.
The campaign comes amid growing concern that as the cost of living crisis worsens some people in the West Midlands might turn to loan sharks for much-needed cash, despite facing extortionate interest rates and risking abuse, harassment and even violence.
APCC Tom McNeil said: “We know the cost-of-living crisis was already worsening for many people in the West Midlands, and beyond, with every passing day.
“Add into the mix that Christmas is a hugely expensive time of year and we end up with a cocktail of debt that could spiral out of control.
“That’s why I have asked for my joint campaign to be stepped up in January so we can get the message out that help is at hand for people and reassure them that they don’t need to turn to illegal money lenders who could turn aggressive and violent at a moment’s notice.”
Anyone who is being threatened or intimidated by loan sharks should report the issue to West Midlands Police immediately.
