SDLP Foyle MP Mark Durkan has called for families who are in problem debt to be better supported and protected as a new report exposes the true impact of debt on children.
Foyle MP Mark Durkan supporting the call for families who are in problem debt to be better supported and protected.
According to The Debt Trap, a new report from The Children’s Society and StepChange Debt Charity, problem debt is putting stress on family relationships, damaging children and trapping families in a downward spiral of borrowing.
The report finds that two and a half million children live in families with problem debt, who are behind on £4.8 billion of household bills and loan repayments.
A further five million children are in families that are struggling to keep up with repayments and risk falling behind.
Their findings show that children are suffering worry and anxiety, bullying and going without essentials as their families are trapped in problem debt.
Mr Durkan said the report is a “disturbing” new insight into how children were affected by debt.
He added: “It’s not right that nine out of ten families in problem debt say they have had to cut back on essentials for their children in order to keep up repayments.
“I will be working in Parliament with Step Change and The Children’s Society to improve the support that families in debt receive.”
Mr Dukan concluded: “It is vital that government review whether the protection for children against the harm caused by debt collection is adequate.”
THE IMPACT
· Bullying – Children in families with problem debt are more than twice as likely to be unhappy at school and be bullied because they don’t have the same things as their friends.
· Worry – More than half of children (58%) in families with problem debt say they worry about their family’s financial situation
· Family – Half of children in families with problem debt (47%) say it causes arguments in the family.
· Going without – Nine out of ten families in problem debt say they have had to cut back on essentials like food, clothing or heating for their children in order to keep up repayments.
· Early exposure to debt – More than half of children aged 10 to 17 said they saw advertising for loans ‘often’ or ‘all of the time’. But only one in five children said that their school had taught them about money management and debt.
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