Debt Growing Faster: Charity Credit Action
Published / Last Updated on 11/01/2008
Credit Action
According to the financial education charity Credit Action, personal debt at the end of November 2007 stood at £1.4trillion.
The charity says that the growth rate of debt in the UK rose to 9.5 per cent in the previous 12 months. Total secured lending on homes at the end of November 2007 was £1.1trillion.
Our view
Debt and our greed for it is quite unsettling as advisers. We meet with too many people who get themselves into trouble. We believe that regulation is needed for all debt, second charge lending, unsecured lending and credit cards. This is the only way to stop the UK economy being so over exposed to the ‘credit crunch’ problems that we have today.
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