UK problem household debt up by a quarter

Problem debt is an everyday reality for 3.2 million households in the UK – up by 25% since 2012. New research has shown that an increasing number of families are spending at least 25% of their gross monthly income servicing unsecured debt.

Council tax arrears now Britain’s No 1 debt problem

Council tax arrears have overtaken credit card debt as Britain’s biggest debt problem. Citizens Advice say there has been a shift in problem debt away from consumer credit on discretionary items towards trouble with paying household bills. Increase The charity, which has 3,000 centres throughout the country, expect to deal with 191,400 cases of council …

Vulnerable borrowers being driven to loan sharks claim

Britain’s payday lenders have written to MPs claiming ‘severe restrictions’ on their industry is driving vulnerable borrowers into the hands of unscrupulous loan sharks. The lenders’ trade body – the Consumer Finance Association (CFA) – says new regulations have cut short term lending by 68% in two years and that 80% of loan applications have …

Vicious circle of debt and mental illness affects millions

New research has further strengthened the link between death and mental illness, claiming it is affecting millions of Britons. The Political Economy Research Centre (PERC) at Goldsmiths University confirms anyone struggling with large debt is more likely to suffer from depression, sleep deprivation and, in extreme cases, contemplate suicide.