Dundee LibDems back call for government action on personal debt (Dundee Liberal Democrats)

Dundee Liberal Democrats <info@dundeelibdems.org.uk>

Dundee LibDems back call for government action on personal debt

November 6, 2006 7:03 AM

Dundee Liberal Democrats have today (Monday 6th November) backed criticism by LibDem Shadow Chancellor, Dr Vince Cable MP on the Labour Government and the banks for failing to tackle the growing problem of personal debt.

This follows insolvency and repossession statistics published last Friday, highlighting the growing extent of the issue.

Dr Cable said, "Hard working families are facing a three pronged attack from rising interest rates, rising unemployment and record levels of personal debt that is spelling catastrophe for many hard working families.

"On average over 300 people are now being declared bankrupt every day, this equates to an insolvency every five minutes."

Locally, Dundee City Council LibDem Convener of Finance, Cllr Fraser Macpherson, said, "This a growing and worrying problem. There is a need for both government and the banks to work together to tackle the issue. For a start, good quality financial advice must be available to citizens.

"Here in Dundee, we have a excellent Citizens' Advice service and also the City Council's Welfare Rights' Team. But nationally, its an issue the government must grasp the nettle of helping citizens with personal debt."