Almost half of families say they are either just about coping or struggling to get by. They face the prospect of a year ahead struggling to get the vital support they need to overcome hurdles of debt, low income and high housing costs.
Debt is a familiar characteristic of modern family life for too many families as wages stagnate and the cost of essentials remains high. While we read stories in the January papers of debt resulting from over-indulgence at Christmas, the reality is that many families are borrowing simply to cover the basics.
One in 10 families has borrowed to cover the cost of food and others have resorted to borrowing to cover the costs of childcare. With 2.5 million children living with families already stuck in a debt trap and three million more families on the edge of one, we are seeing significant economic problems being stored up for the future - for both families and the country at large. Looking at how we prevent this dangerous, difficult to escape from, cycle should be the first priority of an incoming government this year.
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