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A West Midlands financial services firms says money lenders must be more responsible in the face of staggering levels of debt.

The Solihull-based Premier Group is urging the industry to take responsibility and stop offering loans so easily and cheaply.

David Morris, Founder and Chief Executive of the Premier Group, said: “The market is giving money away too quickly and too easily. People can obtain large amounts of money in minutes – even over the telephone or internet without any idea of what they are getting into. “The lenders need to be more responsible.”

The UK has the biggest level of debt throughout Western Europe, with over £1 trillion worth of borrowing on the books and consumer debt is continuing to grow on a national scale.

Statistics from Credit Action estimate that the UK debt level is rising at a rate of £1 million every four minutes, in line with increased credit spending and mortgage borrowing.

Mr Morris believes people should be educated about the dangers of debts and lessons on finances should be given to consumers at a young age.

He said: “Young people can snap their fingers and get a loan, and can only pay them off by constantly accumulating other debts. They need to learn to manage their finances and be aware of the way debts can spiral out of control.”

The Premier Group is able to give personalised advice on the correct loan or mortgage based on individual circumstances.

They understand that two people earning the same in wages may be able to borrow different amounts based on the way they manage their finances.

For example, someone earning £100,000 could borrow up to seven times their wages for a mortgage if they were prudent in their finances. However, another person earning the same, but with a different lifestyle would be advised not to borrow the same amount. “It is all about affordability”, says David Morris.

For further information about the Premier Group and its range of services visit www.thepremiergroup.co.uk.

Editor’s Note: For further information contact Century Public Relations (Tel: 024 7622 8881)


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