More needs to be done for consumer credit, say Lib Dems

Liberal Democrat MP Norman Lamb haswarned that although customer credit information is improving since the report of the Treasury Select Committee, much more needs to be done.

He says: “I will continue to press the case for the cost of credit to be shown in pounds and pence by using clear examples.

“I urge companies which support this concept to launch that information on a competitive basis. The Lib Democrats want to maintain the pressure on others to follow suit.”

Lamb also aims to campaign for financial literacy education in schools to help people improve their understanding of financial products.

“It is vitally important that consumers know how to make financial decisions wisely, or we risk more and more households becoming trapped in a downward spiral of debt.”

“With overall household debt in the UK soon to hit £1tn, the industry needs to take more responsibility, for both individual households that get into trouble and for the wider impact of debt on the British economy.”