Our foster daughter Karen* is a hard worker. She has been ever since she left school at 16. Having struggled at school with special educational needs, she set her mind to getting a job and working to support herself.
Sadly, it wasn't always easy for Karen and she fell into a cycle of alcohol abuse, gambling and debt. That's when she turned to a pay day lender.
The debt of £100 soon spiralled out of control and she found herself owing £1,000 with the companies chasing her ruthlessly for the ever increasing sum of money.
I know people need to take responsibility for their actions but I believe these companies intentionally exploit those struggling with money and something must be done. By capping interest rates at least borrowers like Karen would have a chance of getting on top of their debt.
Karen was lucky. She had a support system that could help her get out of this cycle of debt. Others are not so lucky. This Wednesday the House of Lords has a chance to do something that could help thousands of people. Please join me in asking them to take that chance.
*Karen's name has been changed to protect her identity