UK Money News
6th June 2008
Lenders tactics to blame for debt mountain
Lenders and credit card providers must shoulder some of the blame for the financial crisis currently facing millions of Britons, it has been claimed.
According Jamie Elliot, a co-ordinator at Transact, the readiness with which credit has been made available to consumers over the last few years and the way that it was pushed to people is the root cause of the mess in which many people now find themselves in.
He said: "People have been proactively encouraged to take out a huge level of debt at a time when credit was relatively cheap.
"Credit cards and loans have been piling up on people's doormats, inviting them to borrow with few questions asked."
However, with living costs soaring and mortgage providers now charging higher rates, millions now find that their "sums no longer add up", Mr Elliot claimed.
Transact recently reported that it was seeing an increasing number of the middle-classes turn to it for financial help.
In Haywards Heath in Sussex and Congleton in Cheshire, for example, there had been a 100 per cent rise in inquiries over the past year.
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