£¾billion is a lot of money (£750million) but I believe it would be possible to reduce household debt by this amount each year. It would mean that an organisation with the capacity to monitor this would need to commit to promoting it as an idea.
Here’s how I think it could be done:
- The ONS (Office For National Statistics estimated that there were 28.2 million households in 2022 (Families and households in the UK – Office for National Statistics (ons.gov.uk))
- Suppose half of those households (I’ll round it down to 14 million) saved one pound per week for one year: that would be £52 each
- £52 x 14m = £728m
I believe that with the help of a willing organisation it would be possible for household debt to be significantly reduced. £14m a week! I hope this will be of interest to someone.