Savings are at generational lows due to a combination of declining real wages and historically low interest rates. Combined with increasing inflation and an eroding safety net following years of austerity, the current environment makes it very difficult for a significant part of the population to live without relying on credit, even for day to day living expenses.
The current focus on consumer credit and the financial stability of UK household offers us all an excellent starting point to discuss not just the absolute level of debt, but to engage in balanced conversations about the different kinds of credit and how they can be improved to the benefit of UK consumers.
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