More people needing debt help than what figures suggest, claims organisation
More people needing debt help than what figures suggest, claims organisation
- Friday, 5 February 2010Many more people are struggling to manage debt than what current statistics may indicate, according to one organisation.
Commenting on the latest figures that show record insolvency levels in 2009, trade body R3 claims that the statistics are just the "tip of the personal debt iceberg".
R3's research indicated that an additional one million people are struggling financially without seeking help, and a further half a million have contacted their creditors informally after struggling with their debts.
The number of people experiencing financial hardship is estimated to be around seven times the number of people in formal insolvency, claims the organisation.
President Peter Sargent said: "Even these record personal insolvencies are just the tip of a very worrying personal debt iceberg.
"What lies below the waterline is a much larger group who are sadly not facing up to their
debt problems."
R3 was predicting personal insolvencies to rise to 127,191 in England and Wales during 2010, said Mr Sargent.
The Office for National Statistics has revealed that there were 35,574 individual insolvencies in England and Wales in the fourth quarter of 2009. This represented an increase of 24.9 per cent on the same period a year ago.
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