UK Household Debt
Covid-19 has been the biggest shock of our generation, and its’ effects continue today. But for people who have lost their income and their jobs, and those who were in difficulty before the pandemic hit — the pressure is now unbearable.
25 million people, half of all adults, are now in debt or worried about falling into debt. Nearly ten million people are heavily in debt. Credit card borrowing has increased at record rates and energy debts have topped £1 billion.
Already, the system wasn’t fair. Bad jobs, wages that weren’t keeping up with the cost of living, and the government’s lack of a proper safety net pushed many people onto the breadline, even before the pandemic disrupted our lives.
Low wages, insecure work, welfare cuts and rip-off lending lay behind it all. Growing numbers of people simply couldn’t make ends meet, and had to borrow from rip-off, irresponsible lenders just to cover basic needs.
Millions more families have been plunged into difficulty, and forced to borrow money to make ends meet.
We also need to address the current debt crisis by writing off harmful debt through a Fair Debt Write Down – so that everyone can get a fresh start and rebuild their lives.
What you can do right now:
- Join the Debt Justice Activist Network to access events, political education opportunities, and online resources.
- Read our supporter briefing which outlines the causes and solutions to the UK household debt crisis
- Come to a screening of Bank Job