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Grim economic news is becoming all too familiar, with talk of a recession looming on the horizon. Unemployment could reach 2 million by Christmas, a member of the Bank of England’s monetary policy committee has warned. David Blanchflower has estimated that 300,000 more people could lose their jobs.
Troubled tales are rife, of house prices falling by 10.5 percent in the past year, the largest fall in 18 years.
Debt is also becoming a crippling reality for increasing numbers of people of all walks of life. Experian have released a report recently that shows individual debt has risen by on average £2,000 in one year. This means that families in some parts of the country now have, on average, over £100,000 in debts.
Fifteen years of prosperity have covered over our dependency on easy credit, but a worsening economic climate is widening the cracks. Mortgages that seemed safe in a rising market now threaten to send households into negative equity. Overtime and second jobs that paid for extravagant lifestyles are disappearing and more and more are struggling to find any job at all.
Alliance member organisations are working to alleviate the impact of the credit crunch and help people out of debt.
Campaigns such as Red2Black, run by Stewardship, encourage and support churches to tackle the debt issues in their communities.
It provides information, resources and ideas in a relevant way.
Other organisations, such as Christians Against Poverty, aim to show God’s love in action by providing sustainable poverty relief through a national debt counselling service and offering hope and practical help to individuals and families in debt.
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