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Tories reveal unsecured loans crackdown plans

Tories reveal unsecured loans crackdown plans

Category: Credit cards

Updated: 31/10/2008
First Published: 03/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Conservative Party has revealed plans to cut down the number of unsecured loans granted to consumers.

Speaking at the party's annual conference in Birmingham, shadow chancellor George Osborne blamed heavy borrowing for the current financial crisis.

"We borrowed and borrowed as if the party would never end. Banks did. Businesses did. Families did. And so did this government," he stated.

According to Mr Osborne, families have amassed over a trillion pounds worth of credit card and household debt but a Conservative government would encourage more financial responsibility.

He also pledged to freeze all council tax for at least two years should the party be elected, in order to help those struggling in the credit crunch.

Last week a survey by National Savings and Investments found that more than a quarter of parents are turning to credit cards and unsecured loans in order to continue to fund children's lifestyles.

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