Personal Debt Levels Deeply Worrying

12.16.00pm UTC (GMT +0000) Wed 23rd Feb 2005

Commenting on reports that the average UK adult's personal debt is just over £4,000, Liberal Democrat Shadow Chancellor, Dr Vince Cable MP, said: "These figures are deeply worrying. However, if we take account of secured debt such as mortgages this figure is far higher at over £20,000.

"So far the problems of personal debt have seemed manageable because interest rates have been low, house prices high and unemployment low. But this could change rapidly.

"The relationship between debt and income is at an all time high and problems of debt servicing and extreme debt are growing.

"The Government has frankly been complacent on this issue and it must take action to improve economic stability and banking regulation so that debt levels do not spiral out of control."

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[Previous news story]: Government Has Failed to Reform Banking Sector - Cable (Tue 22nd Feb 2005).
[Next news story]: New Business Plan Needed to Save the Post Office Network (Thu 24th Feb 2005).

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