Credit Health Warnings

EDM number 1716 in 2002-03, proposed by Vincent Cable on 18/09/2003.

That this House notes with great concern the record levels of personal indebtedness facing UK consumers and the recent increase in the number of personal bankruptcies; further notes that the Citizen's Advice Bureau is facing over 1 million new debt enquiries per year; recognises the need for consumers to borrow responsibly but deplores the practice of irresponsible lending targeted at vulnerable consumers; and calls on the Government to publish strict guidance for responsible lending which lenders must be required to observe, including a compulsory requirement for prominently displayed credit health warnings on all material advertising credit products of any type.

This motion has been signed by a total of 47 MPs.