Louise warns of rising household debts and urges "seek free advice" this #debtday

On what is expected to be their busiest day of the year the debt advice charity, Step Change, has launched a campaign today called #Debtday. Step Change is expecting to provide advice for as many as 20,000 people with a combined debt worth £50 million in one single day.

They are hoping this online social media campaign to raise awareness about debt advice will reach more people who are facing the difficulties of debt.

Louise Haigh MP has today warned of rising household debts - both for individuals and families as well as the economy at large - and the importance of accessing information and advice on managing personal debt.

Louise Haigh said “If you are concerned about your own debt you should definitely seek this free advice, Step Change and their #DebtDay campaign are helping to raise awareness that there is support available but it is also highlighting the increasing levels of debt falling on ordinary households.

Last year I raised concerns about household debt in my response to the Budget and in recent weeks we have heard politicians and economists warning of a fresh financial crisis. Spiralling household debt is continuing to rise and unsecured debt is set to go up by £48billion in five years.

Borrowing is nearly always through necessity and pay day lenders with extortionate interest rates make huge profits out of these unaffordable loans.  More and more these predatory organisations are being challenged, for example last year Sheffield Money was launched in our city to compete with pay day lenders and offer debt advice locally, and nationally interest rates have been capped. Advice organisations, like Step Change, are providing a much needed service and I hope this campaign helps to spread the word of what advice is available.”