Yesterday was #WorldSuicidePreventionDay and so - as usual - I saw stories all over my socials around suicide. It’s (obviously) not an easy topic, and I am not an expert, but having read about and engaged with countless people over the last year who share their stories around debt and their mental health, I have been reflecting on why it is more important than ever that we address the UK’s #ConsumerDebtCrisis.
Last year, Money and Mental Health (led by Martin Lewis MoneySavingExpert.com) reported that half of people facing debt during the cost of living crisis have had suicidal thoughts. As part of this research, they also found that one in 10 adults in the UK were falling behind on consumer credit payments, and that 2.5 million people were feeling ‘harassed’ by the calls, texts and messages they were receiving from creditors.
Looking at these stats, I can’t believe that more action is not being taken to address the ways in which borrowers are treated throughout their debt repayment journeys. The new #ConsumerDuty Act has been in place for over a year, and yet countless customers still feel that they are not treated fairly by their lenders.
Reflecting on this has been a timely reminder for me on why it is so important that we drive action and take strides to drastically improve the debt repayment experience for the UK’s borrowers, and take the taboo out of debt so that borrowers can feel comfortable talking about and engaging with their debt situations, before it’s too late.
That’s why we are building haboo money ♥
#SuicidePrevention #ConsumerDebt