Although the latest figures about per capita personal loan debt in the Chorley region do not cover all building societies and banks, they are nevertheless quite worrying.
Data compiled by the Council of Mortgage Lenders and the British Bankers’ Association shows that the average resident of Chorley has a personal loan debt of more than £1,400. There are only three regions in the UK where this figure is higher: London, Newcastle-upon-Tyne and Peterborough.
Nine major banking groups and building societies took part in the voluntary survey.
Chorley Council is doing its best to help residents to cope with debt problems. The council wants to force loan sharks out of business and it plans to ban all advertisements from payday loan companies on the advertising websites it owns.
A credit union shop has also been opened by the council in the centre of the town to provide locals with an alternative to payday loan firms and loan sharks. The shop has already been doing business for more than a year and support from the community is growing steadily.
Lindsay Hoyle, the MP for Chorley, said that it was extremely disturbing to learn that residents of the town have such high debt levels and ascribed the situation to current economic circumstances.
Chorley added: “The Credit Union has done a fantastic job in the town and I want to promote the work they have done. It’s vital people use the services on offer rather than going to loan sharks and pay day loan companies, the credit union is a safe way to borrow money.”
