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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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Banks must put responsibilities before profits says Assembly Member
August 7, 2006 2:15 PM
Peter Black at Swansea citizen's Advice
Welsh Liberal Democrat Assembly Member, Peter Black has today, called on high street banks to be more socially responsible in their lending.
Recent shocking figures reveal that the total UK personal debt at the end of June 2006 totalled £1,228 billion, an increase of around £800 billion since 31st December 1994.
The average UK adult is now approximately £26,334 (including mortgages) in debt. Consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has also risen to £4,540 per average UK adult.
"Debt is a serious problem for many low income families in Wales", said Mr. Black. "Banks seem more interested in profiting from their customers by charging whopping fees than meeting their moral obligations."
"These figures reveal that debt is becoming more and more of problem for people as many of them are turning to organisations for help. The Citizens Advice Bureau (CAB) has seen a 118% increase of consumer debt problems, totalling 1,128,000 debt enquiries, with the average client being £13,000 in debt."
"It is clear that bankruptcy and the number of homes threatened with repossession are on the raise. This can no longer continue. Many families have already been torn apart and lives have been lost due to debt. Banks have had a free reign for far too long. It is time for the Labour Government to step in to ensure that vulnerable people are protected and that banks are made to conduct their business responsibly."
END
Notes:
Statistics taken from 'Credit Action' report complied 1st August 2006.
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