Brown 'must tackle personal debt'
Soon-to-be prime minister Gordon Brown must act to try to reduce the amount of debt people in the UK have, the Liberal Democrats have said.
Mr Brown is set to take on the role of prime minister on June 27th, but opposition MPs have already said that one of Mr Brown's first tasks must be to deal with rising debt levels - which are forcing more people to consider IVAs.
The Liberal Democrats' shadow chancellor, Vince Cable, calculated that personal debt as a proportion of income has risen from 105 per cent in 1997 to 164 per cent last year, mortgagesolutions-online.com reports.
Mr Cable commented: "When rates rise as expected this summer and probably in the autumn too, many households will not be able to cope.
"As chancellor, Gordon Brown neglected to tackle this ticking time bomb and we are already seeing rising numbers of repossessions and personal bankruptcies.
"As prime minister, he must take urgent action to tackle spiralling levels of personal debt before more families find themselves on the street."
Figures from the Insolvency service show that 13,233 IVAs were issued in the first quarter of 2007.
Source: moneyhighstreet.com
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