Justin Tomlinson MP has taken part in an important discussion about the impact of debt, hosted by the Centre for Social Justice.
Justin was joined by representatives from the Centre for Social Justice, StepChange Debt Charity, Moneyline and the Children’s Society, to discuss how people can be discouraged to build savings and therefore decrease their reliance on credit.
All attendees agreed on the importance of sign-posting free and independent debt advice, in order to remove the stigma associated with seeking help with debts and increasing the 17% of people with debts who seek advice, to a much higher figure.
Justin also highlighted the work he had done in Parliament, working with cross party MPs, to tighten up the rules and regulations in the Consumer Credit Act to protect vulnerable consumers, as well as the Payday Lending Charter he actively campaigned for, which will lead to more responsible lending.
Justin Tomlinson MP said: "Debt is an extremely important topic to address as it can break confidence and aspiration, and often has a devastating impact on families. I led the Financial Education Bill in Parliament and as a result we now see children being taught financial education as part of the National Curriculum. By equipping the next generation with these valuable skills, young people will be able to avoid cycles of debt and make informed decisions.
