Michael Meacher MP

A compass survey has found that Britain tofay has the highest levels of personal debt in the world – a staggering £1,460bn, equal to the entire economic worth of all the products and services that Britain produces in a year.    But the levels of indebtedness become so high that debtors accept, or are forced into, any deal with private loan sharks that will roll over their debts for a few weeks or months, even though this will only make things much worse within a very short time.   When the Bank of England base rate is at the rock-bottom rate of 0.5%, loan and credit companies have been found exploiting victims with rates as high as 2500%!   So what should be done? (more…)