LONDON – Hollywood actor, Michael Sheen has taken on high-cost credit in Britain and launched a campaign to tackle the increasing problem debts. A report which released on Wednesday had highlighted the results of high-cost credit on the mental and physical well-being of people. The results of the survey conducted showed that people love to spend most of their time alone in their houses and this has adversely affected their health. The survey which was conducted by the Royal Society for Public Health (RSPH), presented to lawmakers, it was clearly mentioned that about 86% of people are stressed out and depressed about repaying debts.
Sheen took this step after he felt the pain of people of the home town of Port Talbot in South Wales. He said things were not moving in a pleasant direction for such indebted people. The reduction in salaries and the benefit cuts have simply increased the pressure on the minds of people. The actor included politician and charities to help about 1.4 million people who suffer from the problem of high-cost credit to pay-off household debts. Just like Britain, a certain portion of people who have opted for second mortgage in Toronto also suffer from this problem of high-cost credit.
According to the survey published in the report, there are about 242 billion pounds of consumer debt in Britain. This has increased by 34.5% since the year 2012 which is 6% higher than the previous peak in 2008. The actor said this campaign is not just restricted to Britain but also applied to other countries where people are burdened with paying-off expensive loans after taking high-cost credit. Also, he said his new “End High-Cost Credit Alliance” will also promote firms which could offer more affordable loans. Currently, up to 50 organizations and individuals, have signed with this campaign to solve the problem of people suffering from high cost credit to pay loans.