Invest in Sheffield to drive debt from our doorsteps

‘It’s so simple and easy to buy a Bond’ Margaret Drabble, novelist from Sheffield

Unemployment, illness, divorce, a low paid job, death of a partner, burglary, unexpected bills - these things happen to all of us and the financial impacts can be disastrous, as our stories show.

If you’ve been fortunate enough to avoid financial problems, you can help others get out of the debt trap.

'We must work together to tackle one of Sheffield's most pressing issues - doorstep debt.' Sir Bob Kerslake, Chief executive, Sheffield City Council

For people in debt, traditional lenders don't want to take the risk. The only way out for many Sheffield people is a quick fix from doorstep lenders. Although it usually isn't such a good fix.

Doorstep lending is a growing business:

• Three million people borrow from doorstep lenders [1]
• There are over 1,200 doorstep lending businesses [1]
• Eight million people on low incomes can’t get mainstream credit [2]
• Interest rates can be as much as 2000% [3]

As the lending business grows, so does the debt, especially for families who can least afford it:

• One third of doorstep borrowing is used for essentials, especially by pensioners [4]
• It is reported that one third of the income of poorer households goes into debt repayment
• Much of Sheffield's debt is concentrated in just four postcodes S2, S3, S4 and S5 [5]

And: Almost 4 in 10 unemployed people have cited personal debt as a barrier to returning to employment, and have called for more intensive support. [6]

'One of the main barriers to progress in Sheffield is the number of low-income families caught in a cycle of high-interest loans and growing debt.'
Sir Bob Kerslake, Chief executive, Sheffield City Council

With your help we can beat the debt trap in Sheffield

By working together and investing in Sheffield - our community - we can kick debt off the doorstep and give a helping hand to those caught in the vicious debt cycle. And we can do this with the Sheffield Investment Bond.

1 Source: Policy Studies Institute
2 Source: National Consumer Council
3 Source: Yorkshire Chapter of Credit Unions
4 Source: Policy Studies Institute
5 Source: Moneyline Yorkshire Industrial and Provident Society
6 Source: Tomorrow's People

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