CCR Magazine

You are here  :Home arrow News arrow StepChange Debt Charity responds to Queen’s Speech
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


StepChange Debt Charity responds to Queen’s Speech PDF Print E-mail
Wednesday, 27 May 2015

In response to today’s Queen’s Speech, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“As the UK’s leading debt charity, we are disappointed at the lack of action to help deal with personal problem debt set out in the Queen’s Speech.

“Failing to deal with personal debt will undermine efforts to address other Government priorities. Problem debt adds to Britain’s productivity crisis with £2.3 billion in lost productivity and jobs. It also costs more than £1 billion in demand for our struggling health services - some 60% of our clients have sought medical advice for debt related illness.

“A record 600,000 people came to us for help with problem debt last year. There are 2.9 million people in Britain who are living with severe problem debt, and consumer credit lending has recently grown at its fastest rate since 2006.

“We welcomed the previous Government’s efforts to empower the Financial Conduct Authority to control the banks and deal with the worst practices in the payday lending market, and today we welcome proposals to increase the personal allowance.

“But dealing with poor practice and lowering taxes are not enough. Action is needed on the drivers of problem debt: a lack of financial resilience and a welfare safety net that leaves people relying on credit to keep up with the basics when they lose their job or see their income drop. Some 45% of our clients receiving Job Seekers Allowance don’t have enough to meet their basic costs; 31,000 people aged 21 and under came to us for help last year, a third of whom fell into debt when they lost their job or saw their income reduce. Four in five of our clients had no rainy day savings to shield them from debt.

“We are calling on the Government to introduce a low income savings scheme that aims to help every family build up £1,000 in rainy day savings. This would keep half a million families out of problem debt.

“Instead of making further cuts to the welfare safety net, which could force more people to rely on credit to keep up with their essential bills, the Government should aim to complement welfare with other protections. Before the Election, the Government committed to review the case for a new protection from interest and charges when people take action to deal with their debts.  We want the Government to re-state its support for this review. The protection could give people an incentive to take action to deal with their financial problems and get help to get back onto a steady financial footing.”

(Source - StepChange Debt Charity Press Release)


 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197