This briefing makes the case for writing off around £40 billion of ‘unjust’ household debt in the UK.
A decade since the onset of the global financial crisis, outstanding household debt stands just short of £1.6 trillion, 13 percent higher than its peak in the third quarter of 2008. £239 billion of this is unsecured consumer credit, and this has increased by nearly 20 percent in the past two years.
Meanwhile, owing to a squeeze in real incomes (due to wage stagnation, growing precarity and underemployment), and cuts to the social safety net, the resources available to households to service these debts are in serious decline.
You can read the briefing here.