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Our response to the TUC analysis of household debt

25 May 2017

In response to the publication of the TUC analysis of household debt, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“What the TUC describes is consistent to what we are seeing. We are also seeing levels of unsecured debt rising for the first time since 2008 and the prospects are worrying. Based on  April 2017 data, we estimate 8.8 million people turned to credit to pay for everyday household expenses over the past year. More than half of these were in employment, 41% in full-time work. Stagnant wages and rising inflation are making more people vulnerable to problem debt.

“We welcome Labour and Conservative manifesto commitments to introduce a ‘Breathing Space’ scheme to help people manage serious debt problems. In addition to better protections for people in debt, the next government should commit to action to help the 2.9m people already struggling with severe problems and help over 9m who are showing signs of financial distress. It should also 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."

Notes

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.

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© StepChange Debt Charity 2017