A variety of measures for people struggling with
debt management unveiled in last week’s Budget have been welcomed by the consumer affairs minister.
Gareth Thomas hailed the proposals set out by the chancellor during last week’s address in the House of Commons, claiming the moves will help individuals to take more control over their finances.
“We understand that money is tight for a lot of people at this time,” Mr Thomas noted, adding that initiatives such as the expansion of the Mortgage Rescue Scheme will aid consumers in getting “back on their feet”.
The government is working help borrowers “get their foot on the property ladder and meet their mortgage payments”, he stated.
Chancellor Alistair Darling said during his Budget announcement that the economy is set to shrink by 3.5 per cent throughout this year, but predicted that circumstances will improve by 2010.
He revealed that he intends to tackle repossession, noting that this is one of the biggest fears faced by people when they lose their jobs.
By Jamie Price