According to the Citizens Advice Bureau’s (CAB) figures, the number of consumer debt enquires has increased considerably in the last year. Enquiries about bankruptcy have doubled and problems with mortgages and secured debt have also increased by 11per cent.
The Citizen’s Advice Bureau is calling for lenders to do more checks to ensure that borrowers are in a position to maintain the repayments. They are also asking for lenders to work more closely with them when dealing with debt problems.
Our view
Two points here, firstly, we agree with the CAB’s call for more responsible lending and secondly , we suggest that people have had it all too easily, too quickly and we will now pay the penalty for the credit boom.
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