|
Credit White Paper: Unscrupulous Lenders Must Be Reined In
12.00.00am GMT Mon 8th Dec 2003
|
Malcolm Bruce MP, Liberal Democrat Shadow DTI Secretary
|
Commenting on the publication of the Consumer Credit White Paper, Malcolm Bruce MP, Liberal Democrat Shadow DTI Secretary, said: "For those who have already got themselves neck-deep in debt in the run up to Christmas the measures outlined in the white paper will come too late. Millions of consumer have borrowed far beyond their means on the basis of favourable interest rates and any rise will inevitably spell financial ruin. The knock-on effect to the economy will be profound."
"It could be years before we see the implementation of those measures in the white paper with any teeth. Before unscrupulous lenders feel the bite thousands more consumer will become a debt crisis statistic."
"While greater transparency and credit health warnings are very welcome the Government has to balance the weight of its regulatory power. We need to ensure that those people, usually on a low income, who fall outside the scope and interest of high street lending companies should not be driven into the arms of less legitimate or even criminal sources."
[Print this story]
[Previous story]: Clegg Welcomes Lifting Of US Steel Tariffs (Fri 5th Dec 2003).
[Next story]: Labour's Tax Tangle Means Richest Pay Less Tax Than The Poorest - Cable (Wed 10th Dec 2003).
[Other news stories from December 2003 (21)]
Related News Stories:
Thu 6th Mar 2003:
[Energy White Paper In Tatters As Beckett Denies Fuel Efficiency Cuts]
Related Press Articles:
Wed 8th Oct 2003:
[White Paper or Blank Paper?]
Printed and hosted by Prater Raines Partners, 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.
|