“We welcome the Conservative’s inclusion of a ‘Breathing Space’ commitment to help people manage debt problems. People recovering from debt need the right protections and sufficient time to recover a sound financial footing.
“Problem debt devastates lives and imposes enormous social costs in the form of lost productivity, mental health care and other social costs. With consumer borrowing back at levels not seen since the economic crisis and continuing to grow strongly, the next government needs to commit to a concerted effort to tackle problem debt.
“In addition to better protections for people in debt, the next government should commit to action to prevent the 8.8m people currently showing signs of financial difficulty from falling into serious hardship. It should work to ensure better alternatives to dangerous forms of high-cost credit. And it should act to help families build up savings to insulate them from problem debt.”
1 Read the full StepChange Debt Charity Election Briefing 2017