Consumer Credit

Lord Marlesford Excerpts

Thursday 3rd February 2011 Lords Chamber

[Lord Marlesford]

My Lords, are the Government concerned at all that at the present time there is some £60 billion of credit card debt, on which some £9 billion a year of interest has to be paid, and that a large number of the debtors of this credit card debt are unable to pay the interest? Do the Government recognise that this probably represents a substantial reservoir of toxic debt held by the banks of this country?

[Baroness Wilcox]

My Lords, there are enormous worries surrounding such debt. This is why the consumer credit and personal insolvency review is taking place. I am sure that the review would be open to hearing any evidence that the noble Lord might like to give. However, we cannot answer any questions now, until just before the Budget, so that will be in about April.