Lib Dems warn that debt addiction means mortgaging the future

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Lib Dems warn that debt addiction means mortgaging the future

Wed 19th Nov 2008

Nick Clegg, the leader of the Liberal Democrats, gave a speech this afternoon in which he warned that the UK's addiction to debt will leave the younger generation suffering in the future.

Speaking at a Youth Parliament event, Mr Clegg pointed out that personal debt has spiralled in recent years, having risen by £1 trillion in total since Labour came to power.

The Lib Dems' solutions to the problem of personal debt involve greater education about finances at all levels and a campaign by the BBC to give people access to independent financial advice.

Mr Clegg said: "Personal finance is enormously complicated - we can't just imagine people will muddle through and magically understand APRs and SVRs and IVAs."

He compared the UK's spiralling personal debt to an addiction and said "now we are having to go cold turkey."

Writing in the Guardian yesterday David Cameron criticised the Labour's policies on debt at a national level, saying that new tax cuts would be "reckless and wrong".

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