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LIB DEMS LAUNCH DEBT ACTION PLAN
February 21, 2005 12:00 AM
The Liberal Democrats have launched a 10-point action plan for tackling personal debt. Dr Vincent Cable MP, Shadow Chancellor of the Exchequer presented proposals including more pooling of debt data, improved consumer protection and education, and reform to the Social Fund to help the vulnerable indebted. Including house prices in inflation figures would help economic stability by encouraging suitable interest rates.
Dr Sue Stebbing, the Lib Dem Prospective Parliamentary Candidate for South Swindon commented:
"Debt wrecks lives. I am hearing a growing number of distressing stories from people who have got themselves into difficulties because they were tempted by easy credit. Liberal Democrats are determined to tackle this cancer in our society."
Cllr Mike Evemy, the Lib Dem PPC for North Swindon commented:
"The Government has been complacent on this pressing issue. I am delighted that we have clear policies for tackling the ever-growing problem of consumer debt and the bubble in the housing market."
Notes:
[1] Total British household debt is estimated at £1,050 billion of which £837 billion is secured.
[2] British household debt is currently estimated at 130% of income.
[3] The Citizens Advice Bureau had 706,700 requests for advice and help on debt in 2003/4 compared to 405,000 in 1996/97.
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