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Basic accounts `help debt management`
12 October 2007
The introduction of more basic bank accounts into the financial markets may help consumers with their debt management, a leading financial institution has claimed.
On welcoming the Treasury select committee`s report on financial inclusion, the British Bankers` Association (BBA) has suggested that debt management must be put at the heart of any future financial changes.
While the number of basic bank accounts is rising, the BBA feels more needs to be done to combat rising personal debt levels. The Treasury select committee`s paper also includes proposals such as further strengthening the link between work on financial inclusion and financial capability.
BBA chief executive Angela Knight said: "The Treasury select committee has asked how we encourage saving among those who have very little to set aside. Britain`s banks are playing a key part in discussions to make this a reality. Key to all of this is the use of basic bank accounts, which now number nearly seven million."
The BBA represents all major banking institutions in the UK.
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