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Action plan to help people with debt problems backed

December 18, 2008 11:00 AM

Liberal Democrats in Hinckley and Bosworth are backing an action plan to tackle debt problems.

Liberal Democrat parliamentary spokesman for Bosworth Michael Mullaney said "Levels of personal debt in the UK are now at an all time high at a total of more than £1,400 billion - more than £50,000 for every household in the country. This includes many people here in Hinckley and Bosworth who are struggling to make ends meet.

"According to Legal and General, the number of people in the UK who spend more than they earn each month has risen to more than five million.

"With credit card debt soaring, repossessions increasing and the results of irresponsible lending unravelling, action is vital to stop families sinking further into the red."

The Liberal Democrat action to help people with debt problems involves;

Rolling out a national network of free independent financial advice centres, using a combination of face-to-face and telephone service, to ensure that individuals with debt problems can seek assistance promptly and professionally. This would be co-funded 50:50 by the Government and the financial services industry

Expand the social fund, increasing the amount of short term emergency affordable loans, to help low income families pay off high interest debt, and to help families who temporarily cannot afford essential goods