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Loan refunds: Government 'must create lower cost of living'

Consumers who are in the process of getting loan refunds may well be struggling with the current costs of living.

Jonathan Davis, an economist and managing director of financial advice company Jonathan Davis Wealth Management, explained that the government should be doing more to ease living costs.

He revealed that he believes the solution to household problems is not more debt, but instead lower prices.

"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," Mr Davis said.

"If the government put their efforts into creating a lower cost of living, rather than creating inflation, then that is what would help low income households, not a focus on lower debt."

Consumer Focus recently revealed that UK household debt is set to rise to £2.1 trillion.

It claims that it has become even more important that consumers have access to affordable credit options.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.

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