Secured loans could help people get out of debt
20/11/2008As the Liberal Democrat leader calls for action to be taken to help people deal with debt, some individuals who owe money may find a secured loan can help them get back on track with their finances.
Nick Clegg warned Britain is in danger of mortgaging its future, adding young people will suffer if action is not taken now.
The Liberal Democrat party plans to address the country's debt problem by encouraging the BBC to launch a campaign of public education.
It also intends to set up a network of free financial advice centres and suggested a 4p cut in the basic rate of income tax would help lower and middle-income families.
Mr Clegg said: "One of the reasons why the economy's in such a state at the moment it because of all this debt."
People had become addicted to borrowing and were now "having to go cold turkey", he added.
Homeowners who owe money to a variety of organisations may find a secured loan can consolidate their debt and cut the rate of interest they are paying.
 © Adfero Ltd
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