Debts have created a 'financially excluded' generation
Posted by on 4th March 2010 to Debt News
High amounts of personal debt in the UK are unlikely to decrease over the next five years, according to a debt expert.
Teresa Perchard, director of policy at Citizens Advice, told an audience at the Northern Money Conference in Liverpool that the prospect of a less debt ridden Britain was 'unrealistic', at least in the next half-decade.
"Water debt [and] utility debt have all been going up over the last year and that is creating a new generation of financially excluded people.
"The recession is causing a new group of consumers who join the financially excluded. Child poverty, pensioner poverty, fuel poverty have all grown almost uncontrollably over the last couple of years," she said.
A report from Credit Action last month showed that UK personal debt totalled around £1,463 billion at the end of January and has increased by 0.8 per cent in the last year.
Average household debt had increased to £8,939, excluding mortgages – but the figure was much higher at £18,623 if unsecured loans were factored in.
Posted by Clement Moine
Debt Free Helpline offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our trained debt advisers today.
Teresa Perchard, director of policy at Citizens Advice, told an audience at the Northern Money Conference in Liverpool that the prospect of a less debt ridden Britain was 'unrealistic', at least in the next half-decade.
"Water debt [and] utility debt have all been going up over the last year and that is creating a new generation of financially excluded people.
"The recession is causing a new group of consumers who join the financially excluded. Child poverty, pensioner poverty, fuel poverty have all grown almost uncontrollably over the last couple of years," she said.
A report from Credit Action last month showed that UK personal debt totalled around £1,463 billion at the end of January and has increased by 0.8 per cent in the last year.
Average household debt had increased to £8,939, excluding mortgages – but the figure was much higher at £18,623 if unsecured loans were factored in.
Posted by Clement Moine
Debt Free Helpline offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our trained debt advisers today.
