It finds that Britains household debt problem has a local dimension with communities with high concentrations of lower income, younger and households living in rented housing more likely to experience problem debt. This concentration of household debt reduces household consumption and so constrains local economic growth. Over-indebtedness is also associated with poor health and negatively impacts on children living in debtor households.
The report calls for a range of action, including: the need for the main retail banks to release better lending data to create a comprehensive picture of household indebtedness at a local level; the FCA to conduct an analysis into how well competition is working within the financial services se…
Read the full article at: https://www.politicshome.com/news/uk/economy/financial-sector/press-release/responsible-finance/80021/cic-calls-better-local-data