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Cable slams banks on debt

LibDem Shadow Chancellor Vince Cable has accused Lloyds TSB and other high-street lenders of behaving irresponsibly by encouraging rising debt levels.

The MP for Twickenham was responding to an announcement from Lloyds TSB that it had increased provisions to cover bad debt in line with other banks.

He says the irresponsible behaviour of lenders and consumers is starting to be seen through the bad debts that banks have to write off.

Cable says banks must share some of the responsibility for rising insolvencies and act more responsibly.

He says: “Individuals may have acted recklessly but banks are also to blame for increasing credit limits without a customer requesting it and for bombarding individuals with unsolicited mailings.”

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