Lib Dems: Government action insufficient

Financial spokesman Julia Goldsworthy said that the latest report only had “vague targets” and she wants to see better education and advice brought in.

“Releasing annual reports with vague targets is simply not sufficient to tackle our spiralling personal debt crisis,” said Ms Goldsworthy.

“The government is only belatedly recognising the seriousness of the situation and even now many of their plans are limited and voluntary.

Her comments come as the government publishes a report on what action it is taking to tackle Britain’s growing debt problem.

While Ms Goldsworthy welcomed recommendations to introduce financial education into schools, she said more needs to be done to tackle irresponsible lending.

She also hit out at “unfair bank charges” and called for an end to automatic rises in credit limits to stop people taking on excess debt.