Calls for tighter lending controls

Ultimately, the responsibility for accumulating store or credit card debt lies with the consumer involved, but in many cases details of a given credit arrangement are completely overlooked by those who are obliged to pay the money back, insists Mr Rose.

He added that credit should only be offered to consumers on the basis that an individual has opted in to an arrangement and not because they neglected to refuse the opportunity to borrow money.

“Constantly we’re dealing with people who are unaware of the interest rates or the charges involved, or how it ended up being as much as it is,” Mr Rose remarked.

“There are probably better controls that could be there along the whole chain from lender to borrower.”

Nationwide not-for-profit organisation Credit Action revealed earlier this year that the UK’s debt management mountain is increased by close to one million pounds every four minutes.


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