Sunday, February 06, 2011

Personal Debt Resolutions Must Form Integral Part of Recover Plans

The Financial Crisis which has been bestowed on us by this Government is having a drastic affect on individuals, families and small business owners alike. Looking for ways to cut our expenditure is becoming an everyday occurrence while we witness the value of our homes, pensions and investment diminish, often secured with loans far in excess of the value of these assets.

Uncertainty surrounding our finances and the high level of debt directly impacts on consumer confidence and is hugely damaging to the economy. This has a knock-on effect to small and medium business who we rely on so much for employment and a paradox situation is created. The scale of the issues and the competing nature of the demands in terms of personal debt and business needs have resulted in some paralysis at a time when stimulation is required. A well though out and integrated plan is needed to address this uncertainty.

I fully understand the enormity of the pressure that people and business are under. Under a Fine Gael Government, I want to offer a range of possible solutions for the settlement of debt due to the banks who have lets us and the Country down so badly.

We would instruct banks to restructure loan repayment by way of moratorium or variation of loan terms, all avenues should be explored. I will ensure that in government Fine Gael will address the financial situation many people and business have found themselves in through no fault of their own.

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