Job losses adding to mounting debt levels

Wed, 21 Mar 2012

Being made redundant is one of the main reasons people in the UK are seeing their unmanageable levels mount.

This is the suggestion of David Rodger, managing director at Foundation, who noted job losses and reduced income are the primary drivers behind arrears getting out of control.

The industry figure observed many individuals are likely to have seen their bonuses curbed and commissions cut in the current economic climate, while escalating transport costs and rising food prices are compounding the misery for many.

Mr Rodger was speaking after the Consumer Credit Counselling Service warned in its annual Statistical Yearbook that shoppers are finding it increasingly difficult to keep their finances in order when faced with falling real incomes.

He stated: "It's no surprise that many thousands of families that have been teetering on the brink are finally being pushed over the financial precipice."

People struggling to keep their monetary house in order might therefore wish to work out the cause of their problems - be they the result of cash flow management issues, unmanageable or financial impoverishment.
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