‘Constant struggle’ with debt for UK

16/01/2012

Almost one quarter of UK adults face a ‘constant struggle’ with their debts amid a surge in the number of people seeking debt advice, the Money Advice Trust has highlighted.

According to the charity, around 20 per cent of the entire adult UK population – approximately 10 million people – are having difficulty managing their debts.

Joanna Elson OBE, chief executive of the Money Advice Trust, said: “With unemployment rising and wage growth relatively flat, whilst prices are going up, day-to-day living will take up more and more of your money, which can make it hard to pay the bills.

“Our research shows people are going to extreme lengths to get on top of their finances, with some selling treasured items, such as jewellery, cars and even pets, just to make ends meet.”

The Money Advice Trust’s research was carried out in conjunction with the University of Nottingham and based on the Office for Budget Responsibility economic forecasts. The report anticipates a sharp increase in demand for debt advice in the first part of the year as a result of the continuing rise in unemployment and wage stagnation.

Tags; Current UK Economy, Debt Management and Banking, Budgeting Advice,

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