Hollywood actor Michael Sheen has raised concerns over unaffordable credit options, warning that they are pushing people towards illegal loan sharks.
Speaking in his Channel 4 documentary Michael Sheen’s Secret Million Pound Giveaway, he highlighted the growing debt crisis and called for government action to hold banks accountable for affordable lending.
Sheen revealed that over eight million people in the UK are in debt, with another 12 million on the verge of financial instability.
While exploitative companies like Wonga and BrightHouse have been shut down, he stressed that the lack of affordable credit continues to drive people into the hands of illegal lenders.
He shared harrowing accounts of individuals being threatened with violence by loan sharks, who exploit desperate borrowers with high-interest, unregulated loans.
To address the issue, Sheen launched a personal initiative to clear £1 million in debt using £100,000 of his own money.
He set up a debt-buying company to acquire and write off debts in South Wales, though he acknowledged that this was only a temporary solution.
His ultimate goal is systemic change, including the introduction of the Fair Banking Act, which would require banks to disclose their performance on financial inclusion.
Sheen believes such legislation, already in place in the US, could compel UK banks to offer fairer credit options.
Despite reaching out to major UK banks, including Barclays, HSBC, Lloyds, NatWest, and Nationwide, none agreed to an interview.
Former Prime Minister Gordon Brown joined Sheen in calling for transparency on interest rates and financial exclusion.
The documentary also explores the devastating impact of debt on struggling workers, particularly in South Wales, where the closure of the last blast furnace in Port Talbot led to 2,800 job losses.
Sheen, deeply moved by the hardships faced by his community, remains committed to his campaign, vowing not to walk away from the fight for financial justice.
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