A recent report by Theos and St Paul’s Institute (Forgive us our debts: Lending and borrowing as if relationships matter) highlighted that in the UK personal debt has continued to increase since the Second World War, particularly after the financial crisis of 2008/9. As of 2017, total outstanding personal debt is equivalent to around 90% of the country’s Gross Domestic Product (GDP).
Today, 16 million British people have less than £100 in savings.
Debt plays an increasing part in day to day spending; many people borrow simply to cope with life events, such as job loss, divorce or illness, or in order to meet their basic needs.
Click here to read the complete report which considers how Christian theology can contribute to the ideas of debt and how community relationships are crucial to solving some of the deeper issues of debt in our society.
With so many individuals and families struggling with debt and budgeting, it is so important that there are resources and people to help in our local communities. The following are a few organisations that can help:
Budgeting and Debt Advice