Britain is in the midst of a severe household debt crisis.
Three million households are now stuck in a debt trap, paying more than a quarter of their income on debt repayments. The poorest families are being hit the hardest.
Low wages, insecure work and social security cuts mean that growing numbers of households simply don’t have enough money to cover their basic needs, and are being taken advantage of by rip-off, predatory lenders charging exorbitant interest rates. We’re pushing for a a cap on the cost of credit to tackle rip-off lending, plus a debt write-off to give the poorest households a fresh start.