The Personal Debt Crisis must be tackled, because it is ruining lives.

In an environment of rising interest rates, many of those families who are just on the edge of a Personal Debt Crisis will be tipped over it.

Many of us recognise the extent of the Personal Debt Crisis in this country; rather than having people going into the arms of loan sharks, Members on both sides of the House are trying to encourage credit unions.

The looming Crisis in Personal Debt was summed up last April by Citizens Advice Scotland, which said: "The problem is not just the number of people who are in debt.

They are deeply concerned that doing nothing to regulate these firms is feeding a growing Crisis of Personal Debt for families across the country, and they want action.

A Personal Debt Crisis is brewing because millions of people are trying to make ends meet and pay for the debt they took on to try to make ends meet previously.

The Bill has singularly failed to do anything about the Personal Debt Crisis now facing our country.

” They go on to say that if the Government “chooses to try to inflexibly run surpluses…Households, consumers and businesses may have to borrow more overall, and the risk of a Personal Debt Crisis to rival 2008 could be very real indeed.