have meant that household debt has risen by a third to record levels in the
last ten years.
Figures released by the Office of National Statistics, ONS, at the end of last month have revealed that median earnings in April this year were still £20 a week below where they were when the UK entered its deepest post-war recession in 2008.
Squeeze on wages sees households struggling to cope.
report has found that workers are struggling to cope with the impact of a
prolonged squeeze on wages.
from the TUC report shows that the average non-mortgage debt of a working
family had hit £14,200.
Increased reliance on credit cards, bank loans, payday lending and other unsecured forms of borrowing is becoming the norm for many families and households.
Pressure on family budgets.
TUC said the cumulative loss to the average working family over the past 11
years had been £14,278. They added that
the previous 11 year period from 1997 to 2008 had seen a “strong and
consistent” increase in wages.
average worker was £32,657 better off in 2008 than they would have been if real
wages stayed at 1997 levels, it said.
on family budgets was also reflected in the continued rise in personal
In the first three quarters of 2019, 93,042 people declared individual insolvency, meaning the total for the full year was likely to surpass the 115,000 reported in 2018. The highest since 2010.
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“over 12 years of dedicated advice.”
“People struggling with debt should seek help as early as possible.”
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Taking that first step is not always easy but is a crucial step towards helping you to find financial freedom.