Problem debt ruins lives.
Yet millions of people today remain mired in problem debt that saddle families with worry. We know that debt problems are intimately connected to other problems in people’s lives, including mental ill-health and family breakdown.
In trying times, debt problems get worse. Over 30 per cent of clients reporting to StepChange now have a negative budget, where their outgoings are higher than their income, and more than £4.9 billion pound is owed in council tax arrears.
Yet money can be empowering. Debt smooths out income shortfalls and enables large purchases. The CSJ envisions a credit market that serves clients affordably and deters them from illegal money lenders. Alongside this market, we support effective debt advice, sensitive enforcement, and a quality financial education offering befitting the 2020s.
As a leading voice for financial inclusion in Westminster, we are building on our success to shine a light on the victims of illegal money lending, promote affordable credit options, and improve government debt collection.