Economics spokesman for the party, Vince Cable, said that personal debt is becoming a key issue for social and economic policy.
“Personal debt problems is becoming a dominating issue in economic and social policy,” claimed the MP.
“Millions of people are struggling to maintain debt service and are being hit by the double whammy of rising unemployment and the warnings that interest rates will rise.”
He was commenting on last week’s figures from the Consumer Credit Counselling Service (CCCS) which showed that the number of young people struggling to manage debt has doubled over recent years.
Mr Cable said that only through a “consensus amongst voluntary organisations that deal with debt and the financial industry on constructive initiatives” can the problem of rising debt be tackled.