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Clydesdale MSP, Aileen Campbell has echoed calls by the First Minster for tougher regulation on payday loan companies during a visit to Lanark’s Citizens Advice Bureau.

As Citizens Advice Scotland figures showed that their staff dealt with 1,200 cases related to payday loans over the last three months, Ms Campbell visited the local CAB office to find out more about their work in Clydesdale.

The visit preceded the First Minster’s call for the UK Government to cap the interest rates of payday loan companies to better regulate the industry. Mr Salmond has urged Westminster, which has authority for the sector, to take action and stop the industry preying on the most vulnerable in society, and he also pledged tougher regulation of payday loan companies in an independent Scotland.

Commenting, Aileen Campbell said:

"As more people in Scotland face financial hardship we are witnessing an expansion in the payday loan industry and more people with debt problems.

"My visit to Lanark CAB allowed me to gain a better insight into the support they provide people across Clydesdale and the complex and important work they do to help folk facing financial difficulties - including issues with loans.

"The CAB in Scotland has witnessed a spike in people seeking debt advice, as more people require access to short-term loans often due to circumstances outwith their control, but the sky high interest rates these companies charge quickly escalates the debt to unmanageable proportions.

"I support the First Minster’s calls for the UK Government to take action and better regulate payday loan companies, and welcome his pledge that under an independent Scotland this industry would be subject to tougher regulation."

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Aileen Campbell MSP, Kirkton Chambers, 12 Kirkton Street, Carluke ML8 4AB • 01555 750 249 • This email address is being protected from spambots. You need JavaScript enabled to view it.

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