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March 20, 2005
Debt is a timebomb
A report to be published tomorrow highlights the dangers of current high debt in Britain.
It warns that up to 15 million people are vulnerable to economic shocks, with unsecured debt levels at close to £1 trillion.
The reports findings are publishing by Lord Griffiths, vice-chairman of banking group Goldman Sachs, and a prior director of the Bank of England.
His overall message is that credit is far too easily available in the UK and indicates that consumers need more protection against irresponsible and target-driven lending by loan companies and banks.
Posted by at March 20, 2005 09:24 PM
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