As the cost-of-living crisis rages, Martin Lewis has demanded huge change.
And he has warned that if nothing is done, Brits could face dire consequence.
The Good Morning Britain favourite has warned Brits are facing “growing distress” as bills rise.
And his charity, the Money and Mental Health Policy Institute, has warned this could lead to an increased number of suicides as a result.
Cost-of-living crisis: Martin Lewis issues dire warning
Money Saving Expert Martin Lewis has shared his worries as the cost-of-living crisis rages.
His charity has revealed the results of a recent survey of more than 2,000 UK adults.
And the findings are pretty devastating.
It showed that 17% of respondents said they had experienced suicidal ideation over the past nine months. This is due to the rising cost of living.
Around three in 10 said they had fallen behind with at least one bill.
And the survey found that harassment by debt collectors was playing a huge role in the mental health of those in arrears.
As a result, Martin’s charity has urged the government to adopt US-style rules to stop debt collectors bombarding people about overdue bills.
It also calls for the national suicide prevention strategy’s update to be published urgently. This is so that is better reflects the role of financial difficulty as a contributing factor.
The scale of this distress is particularly worrying.
As it stands, there are no firm legal rules in the UK limiting how often debt collectors can contact people about overdue bills.
In the US, creditors are allowed to call debtors up to seven times in a week.
One person who responded in Martin’s poll said he had received seven contacts in seven hours from a single debt collection agency.
He claimed this forced him to stop answering his phone and messages. And it also resulted in him becoming a recluse.
Martin speaks out
The Money Saving Expert said: “The link between serious financial problems and suicidal thoughts is long established.
“So it’s no surprise that the cost-of-living crisis, with bills hugely increasing, on the back of the pandemic is causing some people growing distress.
“Yet the scale of this distress is particularly worrying. And it leaves a serious concern about the impact on the number of people who may consider taking their own lives.
“We know that being bombarded with letters, calls and threats of court action from debt collectors can lead people to feel hopeless, helpless and even contribute to people becoming suicidal.
“So the sooner there are specific protections put in place to limit how and how often debt collectors can contact people about missed payments the better.
“Even the bastion of free markets, the USA, has tighter rules on that than we do.”
Suicide rates rising amid cost-of-living crisis
Helen Undy, the charity’s chief executive, said suicide rates increased in the last recession.
She said as a result the government needs to act with urgency to learn the lessons from that time.
“There is rarely a single cause for someone becoming suicidal. But it’s clear that the barrage of letters and calls bombarding people with debt problems is causing huge distress.”
A Government rep said it is “committed to supporting those in problem debt”.
The rep pointed to the government’s Breathing Space scheme.
They added that “we have protected over 100,000 people who are unable to afford their debt repayments”.
This has been done by “pausing enforcement action, creditor contact and most interest, fees and charges for a 60-day period”.
This, in turn, offers “time to find a debt solution that works for them”.
Read more: Martin Lewis issues stark warning over rising energy bills on GMB today
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