28th June 2006 updated 7th July 2006

Item below added to Citizen website and in their newspaper today. I also just learnt that Britain's personal debt is increasing by £1 million every four minutes. Personal debt where the family home is used as collateral has grown 52% in the last five years. More evidence our current path is wholly unsustainable.

News that a door-to-door company is charging up to 497% interest on cash handouts should not have come as a surprise to Parmjit Dhanda (26/06/06). Such examples are not uncommon with Britons being far more in debt than any other Europeans.

 
The impact of serious debts cannot be understated and an economy based on ever increasing credit is utterly unsustainable. Action by Government on this is long overdue.

 
As an alternative to such companies I would strongly urge people to consider their local Credit Union - these provide affordable loans, encourage savings, benefit the local economy and give members help and support in managing their money. Credit Unions are carefully regulated and controlled by law, members money is well protected and they are becoming increasingly popular.

Cllr. Philip Booth

See more info at:
http://www.abcul.org