Expert slams ‘careless’ money lenders

Mr Morris lays part of the blame for the worsening debt management difficulties being faced by millions of consumers across the UK at the door of money lending businesses around the country.

“The market is giving money away too quickly and too easily,” he told the 24dash news service.

“People can obtain large amounts of money in minutes even over the telephone or internet without any idea of what they are getting into. The lenders need to be more responsible,” he added.

Mr Morris went on to suggest that consumers in the UK, particularly younger generations, need to familiarise themselves with financial issues and take steps to avoid a spiral of debt management woe.

At the end of April this year, personal debts totalled more than £1,325 billion in the UK, according to figures from Credit Action.