A campaign group, Debt Justice, reports that 6.7 million people in Britain are facing financial troubles amid a cost of living crisis.
Their survey found that 13% of adults have missed three or more payments in the last six months, with the rate higher among younger adults. This issue is underscored by a rise in requests for debt help and an increase in insolvencies. In February, insolvency cases rose by 23% compared to last year, the campaign group said.
Charities like Crosslight Advice have seen a 20% increase in inquiries in early 2024. Despite some prices dropping, high rents and mortgages continue to pressure budgets
The Government is taking steps to alleviate the issue, such as removing the £90 charge for Debt Relief Orders from April 6, aiming to make them more accessible.
Debt Justice is urging political parties to support those with unmanageable debts, proposing protections against debt collector harassment among other measures, in their ‘Together Against Debt manifesto.'
Joe Cox, a senior policy officer for Debt Justice said:
"We need to see policies in party manifestos that can match the scale of the UK's household debt emergency. As millions of people are currently weighed down by debt and under intolerable strain, it is time for some political leadership."
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