Commit to debt management now, claims MP
Commit to debt management now, claims MP
Thursday 4th March 2010
Mark Hoban MP, shadow financial secretary to the Treasury, said the consequences of a "spend now and pay later" culture are coming to light for many people, who are paying the price in terms of debt problems.
"The temptation as we emerge from recession is to put off the difficult decisions for another day," he said.
"But now is the time, with the memories of the crisis still fresh in our minds, to put into place the changes that we will need to put our finances - whether those of the nation or of our families - on a more stable footing."
Mr Hoban also stated that the interest rate must remain "as low as possible for as long as possible" in a bid to help struggling families suffering from financial stress.
The Bank of England's Monetary Policy Committee voted to keep the base rate at its record low of 0.5 per cent in February, with the next decision expected to be released today (March 4th).
According to a report by Asda, typical household finances are just as tight as they were last year - with the average family seeing their weekly discretional income rise by just 0.1 per cent over the past 12 months.
Rising inflation is the believed to be the main driver, with food costs 1.9 per cent higher in January than in the same month last year, states the report.
News article brought to you by Debt1 – UK Debt Management Specialists
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