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Description
The "Debts and Despair" report explores the severe psychological impact of debt collection practices on individuals, particularly those experiencing mental health challenges. It provides data-driven insights into how rising living costs, coupled with aggressive and frequent debt collection tactics, are affecting the well-being of UK citizens. The report focuses on the mental health consequences of debt, including anxiety, depression, and suicidal thoughts, and offers recommendations for how financial institutions, regulators, and the government can reform debt collection practices to mitigate harm.
Key Take Aways
Rising arrears in consumer credit: The number of people behind on consumer credit payments has increased by 1.5 million since last year, with 5.2 million people currently in arrears.
Psychological impact: Half of people behind on consumer credit payments have experienced suicidal thoughts or feelings due to rising costs and debt-related stress.
Ineffective ...
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