It is said that the review is going to cover how well the average person understands the small print when applying for credit as well as taking an in depth look at the way credit is sold.   It also aims to show consumer the different problems that can arise during the lifetime of loans and other forms of credit and show people how to avoid these.

Also planned is for the Government to look at the different insolvency measures available to people who have debt problems as well as uncovering why many discharged bankrupts are having trouble even opening a simple bank accounts with no add-ons.

The issue of debt in the UK has been rising for some time now and the Government is being forced into this review after figures from the Citizens Advice showed that they had 7.1m debt problems cases in the 12 months leading up to the end of March this year. 

Many of the 7.1m had their problems rectified without the need for insolvency proceeding, however there were also many who were in such a position that bankruptcy was their only option.

Consumer Affairs Minister Edward Davey says, "I want to be sure that people can get fair deals on credit cards, loans and other products."