FAMILIES COUNT THE COST OF DEBT CULTURE - GIDLEY

12.00.00am GMT Wed 27th Feb 2008

Hampshire and Southampton MP, Sandra Gidley, today introduced her own Bill to highlight the increasing problems of rising consumer debt. The Personal Debt (Advice and Regulation) Bill would require schools to provide education on personal money management, and make provision for advice centres on personal finance in the mold of the Citizen's Advice Bureau. The Bill would also seek clamp down on irresponsible lenders.

Commenting after introducing her Bill in the House of Commons, Sandra said:

"Debt levels in this country have reached crisis point. British Household debt is currently estimated at 150% of Household income, up from 87% in 1997, when this Labour government took office. This is simply unsustainable.

"From unsecured loans, to soaring overdrafts, university fees and credit card bills, we are churning out generations of young people burdened with debt. This is only going to continue the culture of debt which is becoming ingrained in our society.

Sandra was motivated to introduce the Bill after many of her own constituents came to her with increasingly severe debt problems.

"Personal debt is a huge national problem, but one that has hit our local area hard as well. With 3,671 home repossessions in the last year alone in Hampshire, it is vital we do something to tackle this growing problem" added Sandra.

"Hard-working families are facing a three pronged attack from rising interest rates, rising unemployment and record levels of personal debt. This Bill is proposing to tackle this problem, not just in the here and now, but with preventative measures to warn people of the dangers of over-extending their finances, and to prevent our children from being caught up in the downward spiral of personal debt."

ENDS