Credit cards can be good, MP claims

Credit cards can be a good thing as they help people to buy things they couldn't otherwise afford, Conservative MP George Osborne has claimed.

14:49 08 December 2004

Credit cards can be a good thing as they help people to buy things they couldn't otherwise afford, Conservative MP George Osborne has claimed.

Mortgages, credit cards and personal loans have become a part of modern living, enabling consumers to buy their own homes and other expensive items.

"Debt for many people is a way that many people buy things that they would not otherwise be able to afford," Mr Osborne told the BBC.

"It is a good thing because it enables to buy houses through mortgages which they otherwise could not afford."

His comments come amid growing concern about personal debt, which earlier this year topped 1 trillion.

The Liberal Democrats recently called for action to help people manage their debts.