Irresponsible lenders are pushing people into debt, but regulators are “asleep on the job”, a charity warns.
Citizens Advice says its staff dealt with a record 1.7 million debt problems during the last 12 months, an increase of 20% on the previous year.
The charity says it is working hard to help more people deal with their financial problems.
But it wants the financial services industry to do more to tackle irresponsible lending.
The director of public policy at Citizens Advice, Teresa Perchard, said: “Time and time again, we come across people in desperate straits who need not be there if the firm who lent them money had acted responsibly on day one.
‘Action needed’ on soaring debt