Edinburgh Lib Dem calls for action on personal debt

12.00.00am BST (GMT +0100) Mon 7th Jul 2008

Liberal Democrat MP for Edinburgh West, John Barrett

John Barrett, Liberal Democrat MP for Edinburgh West has called for a new Government strategy on personal debt after new figures revealed the rate at which people in the UK are taking on debt has doubled during the past year.

Mr Barrett said that the new figures from unbiased.co.uk, showed that many people are living on a "financial knife-edge" and called on Government assistance for those families hardest hit.

"The sharp rise in number of people taking on yet more debt is further evidence of the financial knife-edge on which many people are now living.

"It is clear that many people are desperately trying to ride out their current economic woes through short-term unsecured borrowing.

"The danger is that if the economic downturn worsens further, racking up even more unsecured debt now will cause greater pain further down the line.

"It is the Government who have created an environment in which millions are now hopelessly overstretched. Gordon Brown must now shoulder much of the responsibility for the current debt epidemic and must bring forwards a strategy to help people through the upcoming economic difficulties."