Consumer debt and the rising cost of borrowing were among the topics discussed at a fringe meeting at the Conservative Party conference, held in Birmingham this week.
Mark Hoban, the shadow minister for the Treasury, gave a speech on the impact of the economic slowdown on ordinary consumers.
“The credit crunch is changing the face of consumer credit with mainstream lenders being able to pick and choose their customers and more people finding it hard to pay their debts,” he said.
In addition, Chris Tapp, the director of Credit Action, stated that restricted borrowing options could lead to increased credit card debt and more expensive mortgages.
He added that people must be equipped with the skills to manage their finances in the wake of the economic downturn.
Meanwhile, the Chartered Insurance Institute recently revealed that it intended to lobby both the Labour and Conservative parties about the importance of a well-trained workforce in the current economic climate.
By Jamie Price