More People In The UK Living With Problem Debt
There has been an increase in the number of people in the UK living with problem debt, according to the Money Advice Service.
Figures published by the organisation show that 8.3 million people in the country have debt issues, which equates to 15.9 per cent of the population. That represents a slight rise from the 15.4 per cent recorded in 2016.
Debt problems are more of an issue in some parts of the country than others. People who live in Newham in East London are more likely to be heavily in debt that elsewhere in the nation.
At the other end of the spectrum, Chiltern in Buckinghamshire and East Dorset were among the regions with the lowest levels of high personal debt, with 9.9 per cent and 9.7 per cent of the population respectively.
Director of debt at the Money Advice Service Sheila Wheeler commented: “Debt is a complex challenge and one that needs a collaborative approach if we are to successfully address it.”
She explained that there is currently a review being undertaken of debt advice funding, as well as work on a strategic approach to debt advice commissioning.
This can, of course, put businesses in a difficult position when they need to recover a debt. In fact, new rules surrounding financial disputes and debts recovery are set to come into force next month.
Smallbusiness.co.uk revealed that this could lengthen the process of recovering a debt, which could mean small businesses have difficulty with their cash flow.
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