'More must be done' to tackle debt

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Citizens Advice said its bureaux dealt with a record 1.7 million debt problems during 2006/07, a 20% increase on the previous year.

The group said it was working hard to help people tackle their debt problems, and was also developing new services to help prevent debt, such as providing advice on financial planning and improving people's money management skills.

But it also called for action to stop irresponsible lending from regulators and businesses.

The group is holding a conference on helping people make the most of their money in London.

Speaking at the conference, Teresa Perchard, director of public policy at Citizens Advice, will say: "Time and time again we come across people in desperate straits who need not be there if the firm who lent them money had acted responsibly on day one.

"And while some regulators have taken action on scandals like the mis-selling of payment protection insurance, others seem to be asleep on the job."

She will also warn that consumer confidence in the financial services market has hit an all-time low following the problems at Northern Rock and the collapse last year of Christmas hamper firm Farepak.

She will add that with personal borrowing currently standing at £1.3 trillion, debt is one of the biggest issues facing the UK economy.