Secured loans and tackling 'spiralling debt'
29/04/2008With increasing media attention focussed on current economic instability, the Archbishop of Canterbury has suggested that consumers need to do more to address their debt.
According to the BBC, Dr Rowan Williams told the House of Lords last week that people in Britain were struggling under the weight of debt and that it was important for them to attempt to break this cycle.
He advised that there was a growing "poverty trap" that people were falling into and warned of an economy that was becoming reliant on credit.
"We need to look at what it means for the whole economy to be built on spiralling, almost uncontrolled debt," he also told BBC Radio 4's Today programme.
As many people look to tackle their finances with a debt consolidation loan, some high street lenders have had to tighten their lending criteria due to the credit crunch.
In the face of such economic uncertainty, some debtors find that a secured loan can offer a competitive rate of interest.
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