With personal debt in Britain standing at over one trillion pounds to date and rising, which equates to a massive £17,000 of borrowed money debt for every person living in the UK, a new report has suggested that borrowers are and more importantly need to be made fully aware of the details and implications of borrowing in particular, should things go wrong.
The report published by the Governments opposition, the Conservative Party, has said that statuary banks consumers’ responsibility should be well defined as they deserve a “degree of protection.”
The report also stated that banks and loan companies were targeting vulnerable people through their aggressive marketing campaigns so they might be tempted to take bigger loans than they would normally want to.
The Conservative’s Peer Lord Griffiths said: “What we have found in the Commission's evidence is everyone we have talked to who is in the field of debt counselling cannot cope with the demands that they have."
He said: “I think there's been an uneven playing field between the banks and their customers and I think frankly the rights of their customers need to be strengthened.”
Posted
on : Tue, 22 Mar 2005 00:00 GMT | Debt News
By : Paula Jenkins
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