As the Government’s credit card bends under the weight of our Covid-19 response, the national debt has exceeded GDP for the first time in over 50 years.
But the pandemic has just as alarming implications for household debt: this is, after all, the more immediate source of anxiety for families hit by coronavirus-related income shocks.
The Centre for Social Justice (CSJ) has always considered serious personal debt a pathway to poverty. We see this in the way it tears families apart, the strain it puts on employment, and its cruel encouragement towards alcohol and substance dependency. Any thoughtful poverty strategy needs to address the menace of debt for those who don’t have much to begin with.
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