Our Managing Partner, David Harrison, has been featured in a BBC News report on the debt crisis in Britain.
The BBC’s report reveals that one in ten clients of a debt charity have no bed to sleep in. The average debt of new clients seeking help last year was £14,298.
Our own research into the Savings Gap helped to provide the BBC with further insights into debt problems in the UK. We found that “The average debt threshold, excluding mortgages, was £1,797, with men reaching debts of £1,960 before recognising it as a problem, compared with £1,645 among women. Adults under 25 reached £748 of debt before worries set in, compared with a figure of £2,299 among 45 to 54-year-olds.”
Our Managing Partner, David Harrison, offered his thoughts on the growing debt crisis.
“Personal debt is the elephant in the room. Consumer confidence and spending have been creeping up but there is growing concern that it is built on quicksand in the shape of rising individual debts. Underpinning this is easy access to debt, the costs of which are poorly understood.
“But this is not just about people splashing cash they don’t have. A big worry is the proportion of people needing debt just to get by. That’s a bubble waiting to burst. The cost of living is 2.7% higher today compared to a year ago, adding an extra £468 to household bills.”
You can read the BBC’s full feature here.
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