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Debt and financial optimism in the UK continue.Released on = June 10, 2005, 8:54 am Press Release Author = bigmouthmedia Industry = Financial Press Release Summary = Levels of debt continue in the UK, but public outlook remains optimistic. Press Release
Body = With £1.3 trillion pounds worth of debt in the UK,
Scotland’s Citizens Advice Bureau ( http://www.cas.org.uk/
) has welcomed a new Bill to Chief executive Kaliani Lyle said: "For years, Citizens Advice Bureaux have been dealing with case after case of ordinary people who have been enticed into unsustainable debt.” "The existing legislation - the 1974 Consumer Credit Act - is simply too antiquated to deal with the explosion in aggressively marketed credit that has taken place over the past decade or so.” The Consumer Credit Act is set up to outlaw “extortionate” interest rates, however it has proved to be ineffective as it doesn’t actually define what is regarded as extortionate. This coincides
with an investigation being carried out by banking watchdogs, into
suspected mis-selling of personal loans and credit cards at bank
branch levels. Independent financial adviser, Alan Steele commented, “Debt has always been a problem for a minority of people. One of the current problems is the willingness of bank managers to hand out loans and credit cards, which means this minority has increased, but the majority are coping with their debt.” It remains to be seen whether the nation’s optimistic mood, recently reflected in a Mori survey carried out for the Prudential, in its ability to cope with levels of personal debt is long or short term. The report showed consumers are still failing to save, with one in five people saying they had no plans to increase the amount they put away. Jackie Ronson,
of the Prudential ( http://www.prudential.com/ ), said that many Additional Resources Web Site = http://www.moneynet.co.uk Contact Details
= E-mail: INFO@MONEYNET.CO.UK Released by http://www.bigmouthmedia.com
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