More independent advice needed to tackle trillion pound debt

12.17.20pm UTC (GMT +0000) Thu 29th Jun 2006

Commenting on Bank of England statistics released today showing that debts secured on housing have exceeded £1 trillion, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "Mortgage debts have rocketed under this Government leading to a growing minority in extreme financial difficulty.

"With two million households living on a financial knife-edge and a further half million households already with serious financial problems any rise in interest rates could spell financial disaster.

"Unemployment is rising and more people are seeking debt advice. It is no wonder the number of bankruptcies is up and repossessions are increasing.

"There needs to be greater access to free, independent advice and a crackdown on irresponsible lending."