Martin Lewis backs Plymouth CAB/Advice Plymouth Payday Loans Campaign

Payday loans have become a scourge across Britain attacking our high streets and giving people the idea that this very niche form of lending, that's unsuitable for most people is perfectly normal Worse still we see it even on our children's television channels

It's a form of financial grooming in luring the next generation to this type of debt, making them think it's normal, it's perfectly normal to borrow at extremely high rates for short terms with terrible terms if you can't repay That's why what you're doing, in encouraging credit unions, nonprofit local organizations still with the same protection & backing from the regulator the Financial Services Compensation Scheme protection just as legitimate Encouraging them take on the payday lenders to show that if you really need money ('cos if you don't need it, why are you borrowing it?) If you really need money, then there is another alternative and what we have to do in every way that we possibly can is think about getting that message out to a wider society so I love the idea of the contest How do you promote credit unions? What does it mean to you? It does many things by asking this question First of all, it helps all the people who want to enter the contest, actually think and understand the concept it what a Credit Union is in the first place

But then it says "Let's get creative", "let's start to think and understand what will appeal to people who couldn't currently go to payday loans", because it isn't just a financial transaction remember People who go to payday loans, it's often a technology play Its' often "I can just do it on my phone by pressing a button", it's easy! And what we have to do is make people understand that, first of all, Getting into debt isn't necessarily an easy solution It's a short term fix but it can cause a long-term hole and if you going to do it you have to think about it you have to take your time but there are paths that are a lot easier than going to payday lender So well done you, Plymouth CAB for taking this on I just wanted to send you my support for the project and wish you all the best and I will be very interested to see exactly what those adverts come up with