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Personal debt levels very worrying - McKay

11 September, 2014

Sinn Féin MLA Daithí McKay has said levels of personal debt in the North are very worrying. 

Speaking after a report by charity, StepChange, highlighted the high rates of personal debt in the North, the Sinn Féin economic spokesperson said; 

"The level of personal debt highlighted in this report in very worrying. 

"The fact that almost 2,000 people sought help from this charity in the first six months of this year demonstrates the huge financial pressures people are facing. 

"I’m very concerned that more and more people are turning to money lenders who charge exorbitant interest rates. That locks them into crippling repayments and even more debt. 

"This situation will only get worse if the drastic welfare cuts proposed by the Tory-led government are implemented. 

"Sinn Féin are opposing these Tory cuts to protect people from spiralling cycles of debt where they are at the mercy of money lenders and modern-day gombeen men.

"I would urge anyone experiencing financial difficulty to seek help as soon as possible by speaking to independent debt charities." 

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