Article: Debt And Financial Optimism In The UK Continue
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Debt And Financial Optimism In The UK Continue
With £1.3 trillion pounds worth of debt in the UK, Scotland?s Citizens Advice Bureau ( http://www.cas.org.uk/ ) has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt.
Chief executive Kaliani Lyle said: "For years, Citizens Advice Bureaux have been dealing with case after case of ordinary people who have been enticed into unsustainable debt.?
"The existing legislation - the 1974 Consumer Credit Act - is simply too antiquated to deal with the explosion in aggressively marketed credit that has taken place over the past decade or so.?
The Consumer Credit Act is set up to outlaw ?extortionate? interest rates, however it has proved to be ineffective as it doesn?t actually define what is re...
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