Baroness Oppenheim-Barnes
Main Page: Baroness Oppenheim-Barnes (Conservative - Life peer)
Baroness Wilcox
My Lords, I thank the right reverend Prelate for that question. How shall I answer it? First and foremost, it is important that all people have access to the help that they need, with information that allows them to make a good, informed decision. Getting into serious debt is a worry for all of us and can affect people’s health. We must, wherever we can, encourage people to save and to move away from debt as much as possible. However, when people do get into debt, short-term loans, in particular, can be a help rather than a hindrance so long as they are well described.
Baroness Oppenheim-Barnes
My Lords, is my noble friend aware that since the very first Consumer Credit Act—I think that there have been two or three versions in my time—I have campaigned against the formula which is represented by the APR, as it is totally incomprehensible and does not fully warn what the debt situation is? Does she agree with me?
Baroness Wilcox
The noble Baroness was chairman of the National Consumer Council before I was. She was also the consumer Minister and speaks with an amazing amount of authority on this subject. There is no way that I would go against anything that she says and I am absolutely sure that she is right.