Personal debt has spiralled because of low wages, insecure work, and a broken lending system that punishes communities who can least afford it. Michael Sheen is right—people are working hard, often juggling multiple jobs, yet finding themselves stuck in cycles of high-cost credit simply to cover essentials.
Over 10 million people across the UK are ‘over-indebted', either behind on bills or finding debts a heavy financial burden - up 70% on pre-pandemic levels. Council tax arrears in England alone have reached £6 billion.
Michael Sheen’s “heist” of buying and cancelling people’s debts is an inspiring act of solidarity, but it also exposes a fundamental injustice in our financial system. Debts of people who are struggling are bought and sold for pennies on the pound, while they remain liable for the full amount – and may face distressing visits from debt collectors and bailiffs.
