Express: Debt warning as firms accused of dishing out loans to Britons 'willy nilly':

Banks and credit card firms have been accused of fuelling a new financial crisis by allowing customers to pile up multiple - high interest - loans and credit card debt.

This situation is so serious that brokers are urging City watchdogs at the Financial Conduct Authority (FCA) to take an urgent look at the issue.

Harps Garcha Director at Brooklyns Financial warned: "The discrepancy in how lenders assess affordability for mortgages versus personal loans and credit cards is one of the biggest mysteries in financial services. Mortgage lenders require extensive financial details, whereas affordability checks for personal debt seem minimal.

I recently encountered a client with over £100,000 in consumer debt on a £50,000 annual salary, who is about to retire within the next five years. How does this make sense? As for car finance, 'affordability check' is not even in the vocabulary."

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