How to break the cycle of debt

As a society, we are offered debt to encourage us to BUY IT NOW. It is far too easy to take out a loan or get a credit card in the UK. We are persuaded to buy now, pay later and for many, the pandemic hasn’t helped household debt levels.

“The Money Advice Service estimated that 8.3 million people in the UK were over-indebted and that 22% of UK adults had less than £100 in savings – making them highly vulnerable to a financial shock such as job loss or large, unexpected bills. This type of financial shock is exactly what the pandemic created: by May 2020, 4.6 million people had accumulated over £6bn in debt and arrears.”