Dundee Liberal Democrats welcome party's debt advice proposals

6.32.52pm GMT Mon 3rd Mar 2008

Vincent Cable MP

Dundee LibDems have today (Monday 3rd March) welcomed the release of the party's own plans on how to tackle the rising problem of personal debt - ahead of the publication of the Thoresen Review into personal debt.

The Lib Dem paper calls for free generic debt advice centres to be opened around the country to stem the tide of rising repossessions and bankruptcies. The service would be funded half by the Government and half by the financial services industry.

Liberal Democrat Shadow Chancellor, Vince Cable MP, said, "The Government has toyed with the idea of supporting a generic financial advice network for the best part of a decade, without taking any action. With credit card debt soaring, repossessions increasing and the results of irresponsible lending unravelling, this service is vital to stop families sinking further into the red.

"The Liberal Democrats were the first political party to recognise the urgency of the issue of personal debt and remain the only party to set out a comprehensive action plan to tackle this looming crisis."

Here in Dundee, LibDem Councillor for the West End, Cllr Fraser Macpherson, said, "In Dundee, we have excellent debt advice provision provided by the City Council's Welfare Rights Team and other providers such as the Money Advice Support Team and the CAB. Coverage right across the UK is variable and it is important that quality financial advice is available to all."

Related Link:

Free financial advice plan as debt fears grow - The Times.