Britain’s Coming Personal Debt Crisis
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08 May 2014
A growing personal debt crisis is gripping Britain, as research shows two in five people struggle to make it to payday. Millions are now taking out payday loans and debt management plans to cope with the cost of living and debt repayment.
I will be supporting the proposed amendments that have been put forward to the Consumer Rights Bill to try and ensure the best support and protections are in place for people who find themselves in financial difficulty.
I will also be supporting efforts to ensure that firms can’t make excessive profits from people in debt and to raise awareness of the excellent work being done by charities and voluntary organisations in this field, including credit unions.