– Centre for Social Justice director Christian Guy
Years of increased borrowing, rising living costs and struggling to save has forced many families into a debt trap that is proving very difficult to escape.
Problem debt can have a corrosive impact on people and families. Our report shows how it can wreak havoc on mental health, relationships and wellbeing.
Across the UK people are up until the early hours worrying about their finances and bills.
Some of the poorest people in Britain are cut off from mainstream banking and have no choice now but to turn to loan sharks and high-cost lenders.
Personal debt in Britain has reached £1.4 trillion, according to a study by the Centre for Social Justice. Around 3.9 million British families do not have enough savings to cover their rent or mortgage for more than a month, the report says.