'Responsible lending behaviour needed'

Mar 20 2009

The Money Advice Trust has called for more responsible behaviour with regard to lending; Car Finance customers may be interested to read.

In response to the prime minster's announcement of a package of measures designed to help consumers beat the credit crunch, Becky Boden-Wilks, spokesperson at the Money Advice Trust has said that responsible lending is key to applying this legislation.

But at the same time, consumers need to understand that they must be realistic about how much they can borrow and af FORD to pay back.

"Consumers need to remember that they also have an equal responsibility - you are the expert of your own situation and you know what your income and outgoings are, you should know what you can afford and can't," Ms Boden-Wilks stated.

Among the plans is that people on low incomes who could not previously afford to go bankrupt will be able to write off their debts - which may be good news for car finance customers who are in arrears.

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