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Archbishop urges government to do more to help those in debt
29/04/2008 13:07:00
The Archbishop of Canterbury has issued a warning to the government that they need to do more to help consumers stuck in a cycle of debt.
Dr Rowan Williams, said that more legislation needs to be in place to control credit companies, in particular doorstep lenders who can charge consumers as much as 1,000 per cent in interest with an unsecured loan over a period of two years.
He expressed concern about the withdrawal of high-street banks from more impoverished areas making loan sharks the only available source of credit.
Speaking to BBC Radio 4's Today programme at the end of last week, the Archbishop said: "I think we have seen in the last ten years or so the development of a culture where debt is so normal for young people."
Student loans have intensified this situation and there is a more "urgent need than ever" for some teaching about financial literacy in schools and further education institutions, he concluded.
Meanwhile, findings from a study by Christians Against Poverty found that personal debt in the UK grows by £1 million every five minutes.
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