CREDIT CARD DEBT

Early day motion 934, tabled 30 March 2004 by Lord Mann (Labour). Signed by 105 members.

That this House thanks Susan McKee-Lewis and Jeannie Judd for having the courage to make public the devastating impact of credit card debt on their families; congratulates the print and broadcast media for their responsible reporting of such sensitive matters; notes that these examples are only the tip of an iceberg of many families blighted by credit card debt; believes that it is in the interest of the nation and in the self-interest of the financial world to have effective checks and balances in the system; is horrified to find that existing credit checking is not working; believes that there has to be full information sharing between all financial institutions, clear credit to income ratios set for maximum credit limits, agreed triggers for industry-funded independent debt counselling and that such systems must operate across all lenders; calls on a self-regulated system to be agreed before the House rises in the summer and to be seen to be working before the next Queen's speech; and resolves that, in the absence of such a system, Parliament must regulate the industry within the next year.

Signatures by party: Labour 78, Liberal Democrat 11, Labour/Co-operative 8, Conservative 3, Plaid Cymru 2, Scottish National Party 2, UUP 1.