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

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Consumers 'must accept responsibility' for debt

Consumers 'must accept responsibility' for debt

Category: Loans

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

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 It is now over 6 months old so the content may be out of date.

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 Any products featured may be withdrawn by their provider or changed at any time.

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