A vicious cycle: the heavy burden of credit on low income families

Document type
Report
Author(s)
Mathers, Ivan; Sharma, Neera
Publisher
Barnardos
Date of publication
1 December 2011
Subject(s)
Poverty Alleviation Welfare Benefits and Financial Inclusion, Families
Collection
Social welfare
Material type
Reports

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In this report Barnardo's highlights the increasing demand for high-cost credit, such as rent-to-own products. The report proposes that the Coalition Government and the devolved Governments put in place a strategy for tackling debt and promoting financial inclusion, which has three main pillars: a financial safety net - for people who have fallen into the trap of high-cost credit use, or could potentially end up there; a strategy to reduce demand for high-cost products; and a focus on ensuring a financial fair deal for all - providing equal access to financial products and services to eliminate the poverty premium. The report argues that eradicating child poverty in the UK is likely to be unattainable if the poorest families are trapped in a cycle of debt by the high cost credit sector.

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