Latest financial inclusion report highlights unsecured credit is rising The University of Birmingham’s latest financial inclusion monitoring report (and related infographics) highlights the fact that unsecured credit is still increasing, such that almost half of the population were in debt in this way in 2014-16.
Our economy is built on private debt rather than public investment with devastating consequences for many.Īnd the number of individual insolvencies increased to nearly 100,000 in 2017. We need a new, more ethical foundation for our economy as the IPPR have recently argued and austerity must end. Of course, not everyone who uses high cost credit is borrowing to pay for essentials as a result of austerity. Some people struggle to resist the widely-advertised lure of quick, easy money and then find themselves in a vicious downward spiral of debt. It is therefore crucial for government to continue to reform this type of credit to reduce its negative consequences.
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