So the bow guy beats the katana guy in a katana fight ? Other than that it seems pretty solid . <| sep |> Opening SpeechConsumer debt is a problem , credit card use in the UK continues to rise with 13 . 2 billion spent on credit cards last November , which was an increase of 14 % the year before . An average of 270 people are declared insolvent or bankrupt every day and over 2 , 000 County Court Judgements are issued daily with an average value exceeding 2 , 100 . This is a problem that we need to address , to help reduce consumer debt , make it more affordable and manageable so consumers can get out of debt more quickly . Basic Debt Consolidation Loans will help those struggling with debt , combine all of this debts into an affordable monthly payment . Paid automatically from Basic Income significantly reduces the risk of nonpayment which helps to lower interest rates and increase acceptance rates . Short term loans will offer a lifeline to many who currently rely on Pay Day loans but without the cowboy fees and obscene interest rates currently seen on the market . Offering repayments over months not days to avoid the trap of borrowing to pay off each month . Overseen by the National Credit Union who will be responsible for overseeing Basic Loans , set lending guidance and make sure loans are being lent to those that can afford them . Allowing all Credit Unions to offer these loans provides competition and will also attract new consumers to these institutions who provide an excellent alternative to mainstream banking . This bill will largely help those who have poor credit and are struggling in debt , a market which banks typically avoid . This will help them buy taking away loans which for them are more high risk or have had repayment problems and reducing that risk through automatic payments of Basic Income . This bill will help individuals and families get back on their feet , rebuild their finances and finally be able to focus on a better future . I commend this bill to the house .