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So I'm a user and a player in the credit industry and I say to myself everyday as I do my job “there for the grace of God go I”.

My parents are 70-somethings who have never borrowed, always pay their credit cards on time and live on a State Pension by cutting their cloth! But let's face it, us forty something's, thirty something's and even younger people don't operate like that. We live in a world where we borrow, to a larger or lesser extent, and we have all forgotten the bad times of negative equity in the 90's and the day the mortgage rate hit 15%.

So the big industry news has to be that as a nation we now owe 1 trillion. What concerns me about this statistic is not so much the amount of cash but the lack of simple and plain information that accompanies the financial products which underwrite or underpin the borrowing. Mortgages make up the majority of the 1 trillion figure, and yet I worry how many people really understand what their mortgage is going to cost, and what they can do to put themselves in a better position.

The credit industry has its work cut out in developing financial products which "do what they say on the tin". For example, for the average Brit with a 25 year mortgage of say £200,000 how many would really know what that loan was going to cost over the 25 year term. If that information were put in front of them in no-nonsense language, do we think the average Brit would carry on spending, or would they work out how to save money by paying more than the minimum amount to pay the loan back sooner.

Statistics which indicate the current borrowing boom is going in the wrong direction include an increase in home repossessions of 52% in the second quarter of this year, along with a 37% increase in personal insolvencies for the same period!

So who is going to have the courage and conviction, to package their mortgage or any other credit product in a way in which one can say "it does what it says on the tin"? My message is simple - let's help the general public take responsibility for their borrowing by making it easy for them to understand their commitments. Yes it may mean we sell less credit - or it may mean we will have better informed customers - because the financial product does what it says, and there are no nasty surprises