UK households in greater debt than two years ago

Mon, 24 Oct 2011

Households across the UK are likely to be facing more debt-related problems than they were two years ago, judging by the outcome of a new report.

Released by the Money Advice Trust, the study revealed people are currently under greater financial pressure than they were in 2009, when the recession was at its peak.

Working in conjunction with the University of Bristol, the organisation found families are only now feeling the full effect of the economic downturn that first hit the nation in late 2007.

And it is likely increasing numbers will encounter debt difficulties in the near future as well, with experts predicting rises in both unemployment and the cost of credit .

Joanna Elson, chief executive of the Money Advice Trust - a charity formed in 1991 - said: "We see new figures almost every day outlining the extent of financial hardship across the UK - this research helps us understand the real stories behind those figures."

The industry figure suggested people seek expert advice to help deal with their debts, rather than attempting to sell valuable possessions, such as cars or even pets .
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