Dundee LibDems call for action on household debt problems (Dundee Liberal Democrats)

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

Dundee LibDems call for action on household debt problems

July 8, 2007 8:53 AM

LibDems call for action on household debt problems

Dundee Liberal Democrats today (Sunday 8th July) added their voice to concerns expressed by the LibDems nationally about the problems being faced by families right across the UK dealing with debt, especially in relation to mortgage repayments.

According to figures given in response to parliamentary questions from the Liberal Democrats, the average household is using nine per cent of its income to pay off the interest on loans and mortgages, compared to just to 7.5 per cent ten years ago.

Liberal Democrat Shadow Chancellor, Vince Cable MP said, "This report highlights the stress of personal debt on hard working family budgets."

Locally, here in Dundee, Liberal Democrat City Council Vice Convener of Economic Development, Cllr Helen Dick, said, "Incomes have failed to keep pace with soaring levels of household debt.

There needs to be a proactive approach from government to help households facing debt problems, especially given the bad news on mortgage rates earlier this week."

The Liberal Democrats have called for network of centres giving independent, generic, financial advice as well as 'health warnings' on credit products.