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The debt problem
Personal debt here in Britain increases by £1 million every 3.85 minutes, making up a third of all unsecured debt in Western Europe. Through interest and charges credit is a hugely profitable industry and behind the statistics are the lives of real men, women and children, lives blighted by debt.
For many credit is a convenient way of managing money and so much a part of financial life that we take it for granted. But by taking the waiting from our wanting credit mortgages our future. We become vulnerable to change in the economy and in personal circumstances.
Low income groups are most vulnerable. They have less access to credit and pay more for the credit they do get. A baby or unemployment can trigger serious debt for those struggling to make ends meet.
The Bible has much to say on the subject. The OT provides for the cancellation of debt and forbids charging interest. Churches are in the front line in helping people find freedom from debt and money worry.
Contact Fiona Mearns (020 8502 8585) to find out more about our presentation How Churches can help people in debt?
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