I’m writing to express my grave concern about Britain’s growing debt trap.
Unsecured household debt is now at £239 billion, higher than its pre-2008 peak, and it is continuing to rise. Low wages, insecure work and benefit cuts mean that more and more families are having to get into debt just to put food on the table.
The debt trap is driving mental health problems, homelessness and family breakdown, and sinking poor families and communities deeper into poverty.
It’s time for the Government to act. I call on you to:
1. End rip-off lending by capping interest rates and charges for loans, credit cards, overdrafts and doorstep lending
2. Set out how the government plans to help families who are stuck in the debt trap.