7 November 2007
UK businesses and financial regulators must join forces to tackle the problem of consumer debt, Citizens Advice said yesterday.
The statement came in the wake of the charity's dealing with 1.7 million debt problems over the past year - an increase of 20% over previous figures.
Total UK debt levels currently stand at approximately £1.3 trillion.
The debt advisors pinpointed "irresponsible lending" of products such as sub-prime mortgages and unsecured loans on high interest rates as a prime reason for the rise.
Director of Public Policy at the charity Teresa Perchard said: "We need more help from regulators and businesses.
"Time and time again we come across people in desperate straits who need not be there if the firm who lent them money had acted responsibly on day one."
Ms Perchard's statements came during a speech at the charity's conference, entitled Helping People Make the Most of their Money, held at London's Westminster Hall yesterday.