Lenders criticised by debt expert

More effort should be made by money lenders to ensure that borrowers have a stronger understanding of the potential for debt management disaster in the event of negative unforeseen financial circumstances, Ms Wilks from the National Debtline has suggested.

“The creditors really need to take more of a responsibility to make sure that the person they’re selling a loan to understands what it is they’re signing; that they understand that they’re borrowing five grand but they’re paying back six and a half,” Ms Wilks remarked.

It is a positive step to see schools around the country beginning to offer financial education courses in an effort to reduce the scale of the UK’s debt mountain, Ms Wilks went on to assert.

Financial pressures on Britain’s indebted consumers could be set to increase further as the Bank of England will announce its decision on whether to maintain or raise the cost of borrowing on Thursday March 8th.