Rising Debt levels in the UK have been a constant cause of worry, of late. A report by the Conservative Party termed the UK personal debt levels as a ‘time bomb’ which was ticking away for the millions of borrowers and their kin.
The report revealed that there were unsecured debt levels of about £1 trillion, leaving about 15 million people vulnerable to shocks from fiscal mismanagement and price fluctuations, like the sharp rise in oil prices.
Lord Griffiths of Fforestfach, who was the chairman of the group that evaluated the risks involved with personal debt levels in the UK, stated that there was a need to strengthen the rights of the consumers and to level the ground between the bank and its customers.
The report commission further said that UK was giving credit too easily and the indebted were highly endangered since any kind of slump in the economy could make their debt repayments difficult. Therefore, it also emphasized the need for new laws to protect borrowers against aggressive marketing, irresponsible lending and ambiguity in information regarding charges.
Posted
on : Mon, 21 Mar 2005 00:00 GMT | Debt News
By : Mike Lawson
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