The UK’s Growing Debt Crisis and a Summary of Possible Solutions
An estimated 3m people owe more than 10,000 on credit cards, overdrafts and loans, new research shows.
Among these people just over 2.5m have unsecured debts of more than 50,000, according to debt solutions company One Advice.
Their research found that one in 10 people who owe five figure sums are worried about whether they will be able to repay their debt.
A fifth of people also admitted they had months where they found it difficult to meet their repayments, and 3% said they had problems affording repayments most months.
In 16% of cases people said they were planning to take action to address their financial problems, with 7% claiming they were considering going bankrupt.
London has the highest proportion of people with large unsecured debts, with 9% of the population owing more than 10,000, followed by the North and Yorkshire at 8%.
People in the Midlands were least likely to have big debts, with just 4% of the population owing more than 10,000.
Debt advisors are already braced for a surge in pleas for help when people realise the scale of their...
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