Liberal Democrats in Business

News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum

Personal Debt Crisis Deepens - Cable

8.11.42pm BST (GMT +0100) Wed 25th Oct 2006

Commenting on the news that Debt.co.uk, a leading private debt management company, is expanding its operations in order to cope with demand, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "People are realising that their debts are going to catch up with them and are desperate to seek advice and a way out. With interest rates likely to rise, this debt distress will intensify.

"The Government has very largely overlooked what is becoming a very serious and deteriorating problem.

"I have been calling for the introduction of a network of centres giving independent, generic, financial advice as well as 'health warnings' on credit products.

"For companies like Debt.co.uk, debt distress is a business opportunity; for most seriously indebted people it is a disaster."

ENDS

Notes to Editors

Debt.co.uk are expanding from being able to process 130 IVAs per month to 500 per month.

[Print this news story]
[Previous news story]: New Nuclear Subsidy Unacceptable - Davey (Tue 24th Oct 2006).
[Next news story]: Government IT Projects In A Mess - Cable (Thu 26th Oct 2006).

Related News Stories:

Tue 8th May 2007:

[Insolvency figures show severity of debt crisis - Cable]

Mon 2nd Apr 2007:

[Government's debt position not flattering - Cable]

Mon 15th Jan 2007:

[Financial advice must be available now to halt spiralling debt - Cable]

Wed 15th Nov 2006:

[Higher unemployment will lead to further personal debt worries - Cable]

Wed 20th Sep 2006:

[Government Should be Honest About PFI Debt - Cable]

Fri 4th Aug 2006:

[HIGH PERSONAL DEBT LEVELS LEADING TO INCREASED BANKRUPTCIES - CABLE]

Thu 3rd Aug 2006:

[RATE RISE WILL HIT THOSE IN DEBT - CABLE]

Sun 23rd Jul 2006:

[YOUNG PEOPLE'S DEBT SPIRALLING OUT OF CONTROL - CABLE]

Fri 14th Jul 2006:

[Urgent need to help young with debt - Cable]

Fri 24th Jun 2005:

[Liberal Democrats Welcome Funding for Debt Advice - Cable]

Wed 23rd Feb 2005:

[Personal Debt Levels Deeply Worrying]

Mon 27th Sep 2004:

[Labour: Growing Inequality And High Personal Debt]

Thu 19th Feb 2004:

[Bank Profits Are At The Expense Of Consumer Debt - Cable]

Wed 5th Nov 2003:

[Personal Debt Balloons To Over £5,000 Each]

Thu 18th Sep 2003:

[DEBT: Students mortgaging their futures, says Cable]

Mon 1st Sep 2003:

[Voracious Personal Borrowing Continues: Consumers Ignore Debt Warnings]

Fri 1st Aug 2003:

[Debt Crisis Bites: 14% Rise in Personal Bankruptcies]

Printed and hosted by Prater Raines Ltd, 82b Sandgate High Street, Folkestone CT20 3BX.
Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB.
The views expressed are those of the party, not of the service provider.