St Albans' credit card debt time-bomb must be addressed
27th August 2008
Anne Main has today expressed concern at a survey by credit reference agency Experian which shows that credit card debt in St Albans is amongst the highest in the country.
Anne Main, MP for St Albans, has today expressed concern at a survey by credit reference agency Experian which shows that credit card debt in St Albans is amongst the highest in the country.
St Albans residents have an average credit card debt of £1,871, making it the fourth most indebted area in the country in terms of this type of debt.
Anne said:
"I think the Government must wake up to the situation, and recognise that many people are burdened with huge debts as we enter a period of economic uncertainty.
It is not a coincidence that many of the areas with the most debt are those with highest house prices. As people struggle to pay mortgages and rents often credit cards and other borrowing are used to pay for the essentials.
Whilst it is often assumed that St Albans is an affluent area, many are under a great deal of pressure with rising food and fuel prices, coupled with falling house prices and employment insecurity. We need to work together to ensure that these debts are not a ticking time-bomb, which will cause problems in the future.""
