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Private Debt in the UK

Private Debt in the UK. a panel presentation by Emma Bryn-Jones to the Rosa Luxemburg Foundation / EURODAD Conference Alternative Solutions to the Debt Crisis Friday 7 th March 2014. 8.8 million over-indebted adults. distressed, distracted and / or financially vulnerable.

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Private Debt in the UK

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  1. Private Debt in the UK a panel presentation by Emma Bryn-Jones to the Rosa Luxemburg Foundation / EURODAD Conference Alternative Solutions to the Debt Crisis Friday 7th March 2014

  2. 8.8 million over-indebted adults distressed, distracted and / or financially vulnerable undoubtedly vulnerable to low / reduced income principally distressed that risk taking has backfired SOURCE: MONEY ADVICE SERVICE, INDEBTED LIVES, NOVEMBER 2013

  3. Credit Outcomes Distribution Credit agreement Deficit

  4. Comparing tenure of over-indebted people with English Housing Survey SOURCE: MONEY ADVICE SERVICE,INDEBTED LIVES, NOVEMBER 2013 • SOURCE: COMMUNITIES & LOCAL GOVERNMENT, ENGLISH HOUSING SURVEY 2011-12

  5. Payday loans as a percentage of unsecured lending unsecured lending = cosmetics? total lending = fashion? SOURCE: OFFICE OF FAIR TRADING, PAYDAY LOAN MARKET INVESTIGATION, JULY 2013

  6. “The Independent”17 October 2013 The cost of living crisis afflicting millions of Britain’s families is so bad that it is creating a personal debt crisis too. The prices families have to pay keep on rising faster and faster than the wages they are paid. And, as a result, the market in payday lending has doubled in just four years. http://www.independent.co.uk/news/uk/politics/labour-leader-ed-miliband-declares-tax-war-on-payday-lenders-8884944.html

  7. Gender and age of over-indebted adults SOURCE: MONEY ADVICE SERVICE, INDEBTED LIVES, NOVEMBER 2013

  8. Experiences of debt collection by gender and age SOURCE: ZERO-CREDIT, THE DEBT RESOLUTION FORUM 2013 CLIENT SURVEY

  9. Solutions • Optimise the collective, not your bias • Empower the collective from within • Make market forces count

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