Credit and Debt: The PSI Report
Three concerns dominate the debate about housing finances in the 1990s: the increasing gap between rich and poor; the rising use of consumer credit; and the growing number of households in debt. This highly acclaimed report provides evidence about:
1. spending commitments. The research focuses especially on the budgeting problems faced by families with resources unequal to their needs.
2. consumer credit. Households in the UK owe some £50billion to banks, finance houses and other creditors. The report covers the complete range of credit, from bank loans to mail order instalments and borrowing from family and friends. The use of different sources for different purposes is set in the context of household budgets, linking credit to the needs and resources of the family.
3. debt. More than 2 million households experience difficulties in meeting their obligations in the course of a year, and half a million are multiple debtors. The problem is examined in the light of households' budgeting habits and spending commitments, as well as their pattern of borrowing.
Credit and Debt discusses the key areas of social and commercial policy raised by the research. No single organisation is responsible for either credit or debt. Rather, the problems will have to be addressed by all the different groups involved - government, the financial services industry, voluntary organistations and the general public. This book will help all these sectors understand the issues - and implement measures to tackle the problems.