The motion, agreed by all members, will see the creation of a cross-party task group in order that the council may form a better understanding of the issues surrounding ease of access to unaffordable credit. The task group will also consider how the council can work with local MPs and the government to strengthen the rules governing the issue of lending licenses and address the lack of affordable credit.
The agreed motion also aims to look into how the council can do more to promote financial literacy, alongside a pledge to promote credit unions in Medway as community based organisations offering access to affordable credit which promote the culture of saving.
Mark Reckless said:
“With the average level of unsecured debt per resident in Medway now standing at £34,000, it is vital that we get to grips with the epidemic of unaffordable credit in our communities, and that we promote a culture of responsible saving and borrowing.
Medway Council has taken the lead on this issue, reaching a cross-party agreement to look into how best to tackle the growing debt crisis affecting our communities. I particularly welcome the Conservative amendment recommending that the cross-party task group deal with promoting financial literacy, something I have supported for a long time.
I would like to congratulate all the members of the council for their commitment to tackle unaffordable debt which is causing so much stress and anxiety to many of my constituents.
I would also like to pass on my thanks to Medway Citizens Advice Bureau who have done so much to raise awareness of this issue, and who are working hard to help residents across Medway, as well as my colleague Tracey Crouch MP who has done a great deal of work on this issue.”