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.
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