Money Street News
  • Please enable News ticker from the theme option Panel to display Post


A record 6.7 million people in Britain are in financial difficulty, it has been warned. A debt charity have registered a surge in requests for help as nearly 30 per cent of 18-to 24-year-olds miss three or more credit or bill payments.

A survey for Debt Justice found that 13 per cent of adults had missed three or more credit or bill payments in the last six months. And that figure rose to 29 per cent among 18- to 24-year-olds and a quarter of 25- to 34-year-olds.




Joe Cox, a senior policy officer for Debt Justice, said the household debt crisis was becoming “ever more entrenched”. “We need to see policies in party manifestos that can match the scale of the UK’s household debt emergency,” Cox said.

READ MORE Kate Middleton spotted at favourite farm shop looking ‘happy and healthy’

“As millions of people are currently weighed down by debt and under intolerable strain, it is time for some political leadership.” Bruce Connell, Crosslight Advice’s chief executive, said “huge numbers of people are finding themselves in impossible financial situations”.

Connell added: “When you’re in such a situation, it’s hard to see any light at the end of the tunnel, which is why Debt Awareness Week is so important; it’s a chance to highlight the support that is available and a reminder why services such as ours are needed more than ever.”

The Insolvency Service’s latest figures showed 10,136 people entered insolvency in February. That marked a whopping 23 per cent rise year-on-year, the figures revealed, with 709 bankruptices, the service has also found.

6,420 were individual voluntary arrangements (IVAs), where people arrange to repay some of their debts but usually have a percentage written off. 3,007 were debt relief orders (DROs) which are agreements aimed at those who owe less than £30,000 and have less than £2,000 in savings, the figures also showed.



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

SUBSCRIBE TO OUR NEWSLETTER

Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.


No, thank you. I do not want.
100% secure your website.