Policy to give people in debt breathing space

The video discusses the financial struggles faced by individuals due to unexpected life changes, such as a partner's pregnancy, leading to significant debt. It highlights the role of the charity Stepchange in providing debt management advice and the importance of seeking help to recover from financial difficulties. The video also presents alarming statistics on consumer debt in the UK, emphasizing the growing issue of credit card debt. Finally, it covers legislative efforts, such as a bill proposed by MP Kelly Tolhurst, aimed at providing financial respite for families with children in debt, showcasing cross-party support for improving the situation for struggling families.

What was the main reason for the individual's financial struggle?

• Partner's pregnancy

• Loss of job

• Medical expenses

• Business failure

What type of support does the charity Stepchange offer to those in debt?

• Freezing interest charges

• Providing loans

• Offering investment advice

• Reducing taxes

What percentage of Stepchange clients reported recovery after receiving help?

• 80%

• 60%

• 50%

• 30%

As of December 2016, what was the total credit card debt in the UK?

• £50 billion

• £66.6 billion

• £80 billion

• £100 billion

What is the purpose of the bill proposed by MP Kelly Tolhurst?

• To increase taxes on credit card companies

• To provide financial respite for families with children in debt

• To reduce interest rates on loans

• To eliminate credit card debt