PEOPLE are being reminded about the risks of using illegal money lenders in the run up to Christmas.
It comes as Staffordshire County Council’s Trading Standards team backs a national campaign highlighting the risks of loan sharks.
Research by the Illegal Money Lending team (IMLT) shows that nearly one in ten of those who borrowed money via such routes in 2022, did so to cover the costs of Christmas.
More than half of victims supported by the IMLT in the first half of 2022, had borrowed from a loan shark to pay for essentials such as food and fuel.
Cllr Victoria Wilson, cabinet member responsible for Trading Standards at Staffordshire County Council, warned people that unscrupulous lenders could try to cash in on the festive period as households continue to deal with rising bills.
“With many families continuing to face extra financial pressures, it’s even more important that we continue to take a stand against loan sharks. These criminals are active all year round but do step up their activities during Christmas time.
“Loan sharking is an awful crime that affects many of our communities. They may seem friendly at first but borrowing from them can have serious consequences.
“There are organisations that can provide access to affordable loans, such as credit unions, and I would urge anyone struggling financially to consider getting in touch with them.”
