DOOD calls for radical reform of financial sector

Damon Gibbons, the Chair of the Debt on our Doorstep campaign, gave a talk at a conference organised by Transact last week.

The campaign for fair finance

Damon argued that the credit crisis makes it more vital than ever to radically overhaul our financial services sector, and promote affordable, regulated financial services.

"The way in which we provide credit is not just about the relationship between the borrower and lender, but has wider social ramifications. Just as the toxic sub-prime lending has triggered a world wide recession, so too high cost consumer lending has been blighting our most disadvantaged communities for years. It isn’t a new discovery. In 1974 the Crowther Committee established to review consumer credit lending in the U.K commented that there was a point at which high cost lending became socially harmful."

You can read the full text of Damon's talk at the Debt on our Doorstep blog.

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Church Action on Poverty is a national ecumenical Christian social justice charity, committed to tackling poverty in the UK. It works in partnership with churches and with people in poverty themselves to find solutions to poverty, locally, nationally and globally.