Liberal Democrats concerned about personal debt
September 19, 2004 6:00 PM
The Liberal Democrats, at their conference, today discussed personal debt. British people now have over £1 trillion(£1,000,000,000,000) in personal debt, the interest alone on this debt is over £6 billion every month! The Liberal Democrats called for a number of measures to help those in debt and also make lenders more socially responsible.
Nicola Davies said "I know personal debt is a big issue in Hodge Hill Constituency. Many people talked to me about their problems during the by-election. Labour has let people down on this issue and I am glad that we have passed a motion today that if implemented will tackle the problem."
These measures included:
Force Lenders to display prominent and easily understandable 'credit health warnings' in all literature and advertising to dissuade people from borrowing more than they can afford.
Tackle exploitative loan sharking by introducing legislation to tighten up the issuing and monitoring of credit licences and inflict harsher penalties for those guilty of bad practice.
Encourage local Credit Unions.
Stop early redemption penalties which discourage early clearance of debt.
Set up a nationwide network of centres for independent low-cost financial advice.
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