8 July 2008
Personal debt levels in the UK are "worrying", according to the Shadow Chancellor at the Liberal Democrats Vince Cable, thoughts that may interest those with personal loans. Speaking after the publication of new figures by unbiased.co.uk, which showed a rise in the number of consumers in debt, Mr Cable asserted that people are attempting to beat the credit crunch via shaky means. But the politician argued that if the economic situation gets worse in the UK, then these individuals will find that further unsecured debt leads to a greater burden on them. "The government has created an environment in which millions are now hopelessly overstretched. Gordon Brown must now create a strategy to help people through the upcoming economic difficulties," he commented. Many consumers are currently on a "knife-edge", Mr Cable suggested, an issue that ought to be dealt with by the current bodies. Earlier this week, a plan was announced by the Treasury to teach youngsters how to manage their money from an early age.
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