I have received numerous calls from people seeking information about debt relief agencies following the Christmas holidays. Credit card bills are arriving in letter boxes and some people are at the end of their wits on how to manage their payments. Credit cards for those on low incomes or with a poor credit rating usually have very high interest rates.

The people who have approached me for help were not out buying luxuries at Christmas, just a few toys, clothes and food for Christmas dinner for their children, the very least that every parent wants for their family. The majority of the bills were for heating, electricity and day-to-day expenses. In Northern Ireland 12% of adults have no savings or investments while 60% have savings and investments of less than £10,000 (compared to 49% in the UK). That’s 72% of adults perilously close to poverty, if not already there. It is an indictment on our political system and society, that people are forced to live hand to mouth in the fifth richest economy in the world.

Those I have spoken to who don’t have access to credit cards are relying on pay day loan businesses who, despite regulations, still charge huge interest rates. I am extremely concerned that some people may also be borrowing from loan sharks with all the consequences that brings. Research from 2016 found that of the almost 600,000 low-income households in Northern Ireland, over 400,000 were using credit of some variety, with 50,000 of these using payday loans. In the wake of the pandemic and the cost-of-living crises, who can doubt that the figures are worse in 2025?