More calls for debt help highlights need for improved financial services
More calls for debt help highlights need for improved financial services
- Wednesday, 3 March 2010An increase in the number of people needing
debt help highlights the challenge of providing "affordable, accessible and appropriate financial services", it has been claimed.
Speaking at the Northern Money Conference 2010, senior researcher at Liverpool John Moores University Paul Jones said there is still much to be done in terms of helping struggling consumers.
"We have now had the recession and the financial crisis and many people are facing increasing financial difficulty," he said.
"Access to available credit is
becoming more difficult - particularly for those on the lowest incomes. We have seen rises in mortgage arrears, rapid expansions in demand for
debt advice, personal insolvencies are rising and so on."
His comments follow the release of new figures from Credit Action that show total personal debt increased by 0.8 per cent in the last year to stand at £1,463 billion. The average UK household debt including mortgages is £58,040.
The typical amount owed by every UK adult is £30,306 including mortgages, or 129 per cent of average earnings.

Recent Debt Management Plan News
56% of Brits have no life insurance which could leave family with debt problems
Wed, 04 May 2011More than half of UK adults currently have no life insurance cover, which could mean their loved ones are left with
debt problems when they die...
Brits thinking about retirement advised to seek debt advice
Tue, 03 May 2011Consumers considering their retirement options have been advised to seek professional advice, as they may end up with
debt problems in the future...
Brits planning to attend a wedding should start saving to avoid debt problems
Thu, 28 Apr 2011Consumers concerned about getting into
credit card debt to pay to attend a wedding may want to use their savings instead...
Couples planning their big day can avoid debt problems by negotiating a cheap wedding
Wed, 27 Apr 2011Couples-to-be worried about needing
debt advice in the future after paying for a wedding can ensure they avoid accruing
debt problems by negotiating a cheap wedding...