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Prior to the lockdown, CfRC’s Executive Director, Damon Gibbons, participated in an event run by IFF Research about creative problem solving. In his speech Damon explained how the financial pressures that people face are temporal phenomena, and that what we commonly think of as income shocks should better be viewed as excessive expenditure demands at that point in time.
Rather than respond to these by providing people with short-term, and often high cost, interest bearing credit, we should instead focus on rescheduling living costs and reducing the pressure that people are experiencing. This can often be achieved on a completely cost-free basis. In a speech which talks a lot about credit, timelords, and the importance of trust based systems, Damon lays out the fundamentals of how we could, if we really wanted to, eliminate the need for many lower income households to borrow at all.
