A debt-free Britain in the next five years 'unrealistic'
A debt-free Britain in the next five years 'unrealistic'
- Thursday, 4 March 2010It is "unrealistic" to expect Britain to become
debt-free within the next five years, an industry expert has claimed.
Teresa Perchard, director of policy at Citizens Advice, said that a new generation of the financially excluded has been created by the recession, with child, pensioner and fuel poverty all growing "almost uncontrollably" in recent times.
"We go into the next five years carrying a huge amount of debt - not just the national debt, but individuals' lending is still very great," she said at the recent Northern Money Conference 2010.
"We need to look to a better policy framework than we have had. The government is beginning to address issues of poverty in a tactical way that makes a difference."
According to the latest Credit Action figures, total UK personal debt at the end of January stood at £1,463 billion - an increase of 0.8 per cent in the last 12 months.
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