Consumers 'must accept responsibility' for debt - Loans - News - Moneyfacts


Consumers 'must accept responsibility' for debt

Consumers 'must accept responsibility' for debt

Category: Loans

Updated: 05/03/2009
First Published: 04/03/2009

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 It is now over 6 months old so the content may be out of date.

Consumers who find themselves with high levels of debt need to take responsibility for their situation, it has been suggested.

According to the Consumer Credit Counselling Service, the availability of credit that led to many people borrowing unsecured loans and credit cards has created difficulty for many.

And a spokesman for the charity noted that although banks are partly to blame for the situation, those who have run up bills they cannot afford to pay need to accept responsibility.

"If people have been spending 'willy-nilly' on credit cards, you can't really argue it is the bank's fault for getting them into that debt," he said.

However, the spokesman added that certain people could not have avoided the situation, such as carers or those who are unable to work.

His comments follow Credit Action findings that total personal debt in the UK stood at nearly £1.5 billion at the end of January.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Regulator to take closer look at high-cost credit

When used well, credit can be a viable way to help make ends meet and balance the books – but the problem comes when that credit is of the high-cost variety. The regulator has will be taking a closer look at the sector to see what else can be done.

The payday loan market is still broken

The payday loan market has been under fire a lot in recent years, and as a result, the financial regulator stepped in. But has it made a difference? Unfortunately, it looks as though there’s still a lot of work to be done.

Get a record low rate loan - if you qualify

Competition in the personal loans market is as hot as ever, so much so that one loan provider has slashed rates to the lowest on record – but only to those who fit the bill. The shopping bill, that is…