Frequently Asked Questions
We want politicians of all political parties to understand that consumer debt in the UK is at alarming levels. Recent statistics from the Bank of England show that unsecured consumer debt has increased by 19% in the past 5 years and currently stands at £201.5bn. Household debt has been growing much faster than household income and the Office for Budget Responsibility predicts unsecured household debt will reach 47% of income by 2021. Total consumer debt including mortgages is now over £1.5 trillion. We believe that this level of debt is not sustainable for many households.
We would like politicians to work with Community Money Advice to understand the real stories of people struggling to repay unaffordable debt and the consequences on families, relationships and communities.