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StepChange Debt Charity response to CSJ Debt Report

4 June 2015

In response to today’s debt report from the Centre for Social Justice, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“This report is a welcome contribution to the debate surrounding affordable credit options for low-income households.

“There is a clear need for more suitable credit products for those who are struggling financially.  We have seen the harm caused by products like payday loans that have previously tried to fill this gap, and it is vital to ensure that genuinely affordable alternatives are available for those who are shut out of the mainstream credit market.

“At the same time, it is crucial that we also address the reasons behind the increasing reliance on credit as a safety net.  More and more people are falling behind on household bills and turning to credit to pay for essentials. This use of credit in this way is unsustainable, and often signifies severe financial distress. It is vital that the government does more to help low-income families save for a rainy day, and introduces statutory protections to help vulnerable families rebuild financial resilience and get back on their feet in situations where credit is not, and will never be, the solution.”

StepChange Debt Charity news contact

Contact the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404 153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016