That’s 2.2 million stressed-out individuals.Ī TUC report, Britain in the Red, highlighted this issue a year ago.
But at street level, the Financial Conduct Authority warns that one in six people with debt on credit cards, personal lending and car loans is in trouble. These guys are talking about big-picture risks to the economy, which generally adores debt. The Bank of England and the credit ratings agency Moody’s are among those who have warned that the situation could be problematic. The best that can be said of the matter, as compared to the pre-crash debt boom, is that at least there are worries about it. We are 10 years on from the start of the financial crisis, and unsecured consumer debt has reached more than £200bn for the first time since 2008. But what regulation cannot stop is need.’ Photograph: John Giles/PA ‘Recent regulation has lessened the ability of payday lenders to ruthlessly exploit the vulnerable.
With wages stalled and prices rising, more and more are turning to loans and plastic cards to make ends meet The early signs of the 2007 credit crunch are back. Ten years on, we’re getting into another debt crisis