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UK government accused of failing to control consumer debt

The UK government has today come in for severe criticism from a committee of MPs who have highlighted issues regarding consumer debt and the UK government's inability to tackle this problem. A number of projects have been introduced by the Department for business costing around £600 million since 2004. However, despite the fact that significant money has been invested in the area of controlling consumer debt, total consumer debt in the UK has risen from £1 trillion to £1.4 trillion in just six years.

These debt figures are absolutely enormous and there is serious concern that many consumers in the UK could be paying off their substantial debts for many years to come. The report also suggests that the UK government has failed to monitor the impact of various initiatives and is therefore unable to confirm the level of assistance getting through to those in real need. While it is easy to suggest that the UK government has made mistakes the fact is that consumers have taken on debt of their own accord and any blame in this area should in reality be spread amongst various parties.

Many observers will point to the recent boom years during which credit was very easy for many people to obtain. This was despite the fact levels of debt being taken on may not have directly complemented consumer income streams or their assets. In simple terms, many people were allowed to take on debt which they would struggle to pay-off.

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