Calls for lower cost of living to reduce debt

Wed, 07 Sep 2011

The government should play a greater role in ensuring more Brits do not fall into crippling debt, it has been claimed.

According to Jonathan Davis Wealth Management, ministers should make it a priority to reduce the cost of living within the UK, rather than creating an environment in which inflation reigns supreme.

Recent figures from Consumer Focus show that it may be more important than ever for Brits to have access to affordable credit options as many people on low incomes have no choice but to incur debt to get by.

Jonathan Davis, founder of Jonathan Davis Wealth Management and working economist explained that there should not just be a focus on creating low-cost debt for those at the bottom end of the pay scale.

"The solution to household problems is not more debt, whether it is low cost or high cost," he said.

"The solution is lower prices and lower prices of housing, lower prices of petrol, heat, light and food - in other words, a lower cost of living."
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