Recent polling conducted by Debt Justice has unveiled a stark reality: a record-breaking 6.7 million individuals in Britain are grappling with financial distress, marking a concerning escalation in the household debt crisis.
The findings, released ahead of Debt Awareness Week, shed light on the depth of the issue, revealing that 13% of respondents have missed three or more credit or bill payments over the past six months. This staggering statistic underscores the urgent need for decisive action to alleviate the burden of debt on millions of households across the nation.
Debt Justice’s manifesto amplifies the call for political parties to confront the crisis head-on by ensuring equitable access to fresh financial starts for those burdened by unmanageable debt. Key pillars of the manifesto include protections against debt collector harassment, the guarantee of decent incomes for all, and comprehensive debt relief solutions.
What is particularly striking is the widespread public support for government intervention to tackle the debt crisis. Across all demographics, regions, and political affiliations, an overwhelming majority—83%—favor government initiatives to provide fair debt solutions, allowing individuals to reset their finances and rebuild their lives. Notably, nearly half of respondents expressed a willingness to throw their support behind political parties committed to addressing this pressing issue.
Moreover, there is a resounding call for accessible debt advice, with 85% of respondents advocating for the provision of free, impartial, and high-quality debt advisory services in every community. This sentiment underscores the critical role of guidance and support in navigating financial challenges effectively.
The need for financial stability is paramount, as highlighted by the 77% of respondents who believe the government should ensure that everyone can meet essential costs such as food, energy, and housing without resorting to debt. Additionally, there is a strong consensus—69%—on the necessity of protecting individuals from creditor and bailiff harassment, emphasizing the importance of safeguarding vulnerable debtors from aggressive collection practices.
In response to the findings, Joe Cox, Senior Policy Officer for Debt Justice, emphasizes the imperative for political leadership to confront the burgeoning crisis. With millions facing the weight of debt and enduring significant strain, Cox stresses the urgency of implementing policies commensurate with the scale of the household debt emergency.
As the nation grapples with escalating debt levels and financial insecurity, the rallying cry for action grows louder. It is incumbent upon policymakers to heed this call, prioritise the well-being of households, and enact robust measures to alleviate the burden of debt on individuals and families nationwide.
