Cost of Living

That the Parliament recognises that January is a long and hard month for working families, made even worse in 2013 by the ongoing recession and austerity programme; notes with concern the rapid boom in payday loan companies that target low-income working people who struggle to make ends meet; recognises the need to both regulate more heavily payday loan companies and cap the total cost of credit; believes that local authorities and the Scottish Government should demonstrate leadership and seek to curtail the explosion in high interest, short-term lending that results in huge debts and financial misery for thousands of people in Scotland; notes that the welfare reform changes will force more people in Scotland into debt; recognises the important role that credit unions can play in providing a viable alternative and, believes that the Scottish Government should take the lead and warn against the dangers of legal loansharking.