Recession adding to UK debt numbers

Wed, 09 May 2012

The return to a state of recession has resulted in significantly more people in the UK facing serious issues, new research has suggested.

According to Legal and General's latest MoneyMood survey, in excess of one million more households in the nation have admitted they are currently having difficulty paying bills than that recorded eight months ago, when the slide into a double dip recession began.

The investigation revealed the number of financially stable families has also dipped in recent months.

Indeed, the amount of people who have some spare cash after settling their and bills each month now stands at its lowest point since the formation of the Conservative-Liberal Democrat coalition in 2010.

In addition, the MoneyMood poll also found considerable downwards movement with regard to household finances in the UK, despite a more positive outlook being forecast at the start of the year.

The report has now predicted 3.3 million homes could be about to slide into debt and therefore be unable to stretch their money in order to cover bills and settle what they owe.
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