Mark Formosa, who intends to stand for the Conservatives in Taunton at the next general election, has made clear that there needs to be more effective help and advice for the millions of people nationwide whose financial problems are getting out of control.
Mr Formosa also suggests that introducing personal finance lessons in schools would be an effective way of helping young people in Britain avoid debt management problems in the future, reports the Somerset County Gazette.
“Personal debt can cause an incredible amount of distress and anxiety to thousands of people,” he is quoted as saying.
“That is why we have launched a campaign offering practical, independent advice, and we are working with debt experts to develop solutions to help more people free themselves from the grip of indebtedness.”
Figures from the Insolvency Service show that there were more than 30,000 people in the UK who entered into an Individual Voluntary Arrangement (IVA) or declared bankruptcy during the first three months of this year.