DEBT is a major problem in East Lancashire especially at this time of year when people are trying to claw back the cost of Christmas.

In an area of significant economic deprivation many people are just not able to borrow from the usual sources like building societies and banks because they do not fulfil the right credit rating criteria.

This may be because they are not home owners, are unemployed or do not earn enough.

When these people do run into financial trouble, too often the only visible solution to their problems is to pawn family treasures or go to money lenders who charge exorbitant rates of interest.

This puts those who are already poor on a downward spiral, forever struggling and borrowing further to keep up repayments.

Even if you have your own home, the same debt problems can still easily mount as we see today with story of Christine Shuttleworth who was heading for alcoholism and depression after her home was repossessed.

In her case, real help in examining her finances from someone with expertise who was prepared to sit down and talk turned a crisis into a problem that could be managed.

But for the majority, a money-lending scheme like that just launched with the backing of Blackburn with Darwen Council is a major step forward.

East Lancashire Moneyline offers loans to those turned away by banks and building societies but at normal High Street rates.

Only the third scheme of its kind in the country, Moneyline will make loans ranging from £50 to £10,000.

Although obviously caution will be used in assessing who can have how much, because such debts cannot be subsidised by council tax payers, any step to rid us of loan sharks must be wholeheartedly supported.