According to the accountants and business advisers BDO Stoy Hayward, a poll has revealed that consumers want to see usurers taxed, partly due to the debt woes they can bring. Stephen Herring, a tax partner at the firm, stated that…

Mervyn King said that some people had taken on “far more credit than it was ever plausible to repay”, prompting fears that bankruptcy beckons for many. “All lenders and all borrowers should think very carefully before they either lend or…

In a statement, the FSA warned financial institutions to be ready as “clouds were already darkening” due to rising unemployment levels that will lead to many people falling behind on their debt repayments. In particular, those with high levels of…

According to the consumer finance website, 70 per cent of banks approve loans without income checks, while 1.9 million loans are given without affordability ratings, meaning that credit could be allowed for those who risk debt. “With one person in…

Ulster Unionist MP Lady Sylvia Hermon called the scale of the figures “shocking”, a sizeable amount of money that could lead many people to consider bankruptcy. “On the face of it this debt and these figures are shocking,” said Lady…

Ann Pettifor, executive director of Advocacy International, claims that people are too complacent about job security to realise that if there is a change in personal circumstances, they could risk bankruptcy. “We pay our debts through our incomes; it’s when…

Economic affairs spokesman Vince Cable said that both the major parties were “wholly silent” on the issue of personal debt, yet bankruptcy cases are rising. Speaking at the party’s conference, Mr Cable said that current debt levels affect the futures…

Commenting on Glasgow’s bid for a new “super-casino”, a Scottish Executive spokesman said that while the casino would give an economic boost, it was concerned about the social impacts of debt and gambling. Enterprise minister Nicol Stephen said to BBC…