BRITAIN’S PERSONAL DEBT CRISIS | How we got here and what to do about it.
Damon Gibbons | 1 Jul 2014
In Britain’s Personal Debt Crisis, CfRC Director Damon Gibbons, provides an assessment of how, over a period of 40 years, we have come to be over-reliant on financial services, and credit in particular. Our basic needs – for affordable homes, for education, decent jobs, and dignity in old age – are all now contingent on our ability to access financial services. But the way in which these are provided is highly regressive and is contributing to growing wealth inequality. Credit expansion has also contributed to our economic decline, paved the way for attacks on the welfare state, and fed the growth of a highly individualistic and unsustainable consumer culture.
Whilst charting these developments, the book also outlines a programme for national renewal, including measures to bring credit back under control and restore the financial sector to servants of government economic policy.
“Damon’s book provides a timely insight into the power of personal debt to not just make life a daily struggle of the public but do long term damage to the future our country. He matches detailed analysis with a passionate call for action that many will find compelling”
Stella Creasy MP
”Damon Gibbons has campaigned over many years for fair lending at a reasonable price to low income households. From doorstep lending to payday loans he has challenged established ideas and called for a cap on costs – a policy now endorsed by the Government.”
Paul Lewis, journalist and broadcaster
Damon is one of those rare people who is able to combine a social policy researchers’ attention to detail with a campaigners’ zeal and passion to make change happen. The fact that he has managed to sustain this work for more than a decade, even when it has often meant swimming against the prevailing opinion of the times, is remarkable. Not only that, his analysis of the problems and solutions to Britain’s personal debt crisis is always insightful, and almost always right!”
Niall Cooper, Director, Church Action on Poverty
”This is a timely analysis of the growth in personal debt and a passionate plea for action. Few people understand the working of credit markets better than Damon and his proposals for effective regulation deserve serious attention.”
Paul Blomfield MP