MP admits to £600 a month debts

07/07/2011

Conservative MP Andrew Percy admitted to paying off debts at a rate of around £600 a month, after running up tens of thousands of pounds of debt whilst a student.

During a debate at the House of Commons about high cost credit lending, the Yorkshire MP, who attended the University of York before teaching in Hull and Scunthorpe, said: “It's something that started with me at university and I did go down the line of paying one credit card off by transferring it to another on 0% for a year, or however many months, and then conveniently forgetting about that and maxing out the other one that I'd just cleared.

“To the tune that I now pay about £600 a month to clear off all of my credit cards which I've had to roll into a loan since my election."

Mr Percy continued: “I’ve never personally had to borrow from a high cost credit company but I have most certainly understood the issue of debt, to the tunes of tens of thousands of pounds.

“Credit card debt, in my particular case, and I’m not alone in that.”

He made the frank admission during a discussion of Labour’s call for a review of high cost credit lending.

The amendment urging a review, which was discussed during a debate on the Finance Bill, was rejected by 273 votes to 228.

Mr Percy, who formerly worked as a teacher before becoming the MP for Brigg and Goole at last year’s general election admitted, “I understand what debt is like and I know how the whole thing, once you're on the conveyor belt, it's very difficult to get off."

He also stated that the staff working in his constituency office were being trained in debt management, to ensure that they had the necessary skills to direct concerned local residents about the best advice available.

Tags; Current UK Economy, Income Worries and Debt, Debt Management and Banking, Credit Card Lifestyle,

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