Archbishop of Canterbury Hits Out At Society of Debt
Debt is straining the fabric of our society – so says the Archbishop of Canterbury Rowan Williams in a speech made last Thursday. Painting a grim picture of life in today’s Britain, the Archbishop attacked all those who make a profit out of debt and highlighted the hardships of the indebted. The speech was delivered to the House of Lords, and can be read in full here.
The Archbishop was particularly critical of doorstep lenders and loan sharks who charge exorbitant rates of interest to those who have been refused by highstreet lenders, and also criticised the growing divide between the super rich and the poor. Dr Williams warned that an “economy built on spiralling, more or less uncontrolled, credit” is leading to “the erosion of family life and the erosion of self-confidence” for many people.
It is a timely address. Previously, the Church of England has shown a concern for debt, setting up a webpage dedicated to debt relief, and it is good to hear debt being taken seriously by a national institution. Most of the comment on the credit crunch and house market troubles has been on the bigger picture – the state of the economy, the future of the financial industry and so on. Worthy concerns, to be sure, but of equal or greater importance is the plight of the many ordinary people who struggle under the practical and physiological pressure of chronic debt.
The Archbishop had some deeply concerning things to say on this last point, saying that his charity workers had discovered that 1 in 3 heavily indebted people has seriously considered suicide. It is hard to understand the pressure that heavy debt brings until you have actually felt it. Thankfully, Dr Williams is making an effort to understand, and is determined to help the nation work towards a solution.
