CITY VIEWS: SHOULD PEOPLE BE ENCOURAGED TO REDUCE PERSONAL DEBT?

PETER GOAD | LLOYDS
“I am not sure that it would help anyway to be honest, as banks make a lot of their money through people not paying credit card debts. It is very impractical.”

DAVE PHILLIPS | JRP UNDERWRITING
“It is not up to the government if we don’t pay our own personal debt. It would have been wrong for Cameron to say what was planned, because if people could pay their debt, they would!”

RICHARD COLEMAN | H CLARKSON & CO LTD
“Debt accumulates, whether it is the country’s debt or individuals’ debt, and it has to be paid at some point. If the debt becomes too much and you cannot pay, then the rate would increase and would be onerous.”

* These views are those of the individuals above and not necessarily those of their company.