Unemployment: debt problems

A surprise increase in unemployment levels for the UK could result in debt problems for more consumers up and down the country.

The Office for National Statistics says 35,000 more people lost their jobs in the three months leading up to October – a surprise increase which could mean thousands look for debt advice.

It takes the amount of unemployed people up to 2.5 million, representing the first rise in six months time and an increase in debt problems as the festive period gets underway.

Chief Executive of the Money Advice Trust, Joann Elson says: "Unemployment is a major cause of personal debt problems in the UK."

Kevin Still, Director of Atlantic Financial Management says: "Loss of income remains the primary debt reason why people are starting debt solutions like a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA). It is not just about people losing their job, it is also those with reduced hours and people having to move to part-time roles."

Debt problems - Household Finance Index

22/03/2011

Debt problems could put an even greater pressure on homewoners finances in the coming year, followin ...

Debt problems – energy debt

16/03/2011

People in the UK that are currently dealing with debt problems are having their situation made worse ...

Debt problems: advice options

09/03/2011

Britons who are having to deal with debt problems at present do have a broad range of outlets when i ...

Debt problems: water meter

01/03/2011

Debt problems that cause daily problems for the UK's consumers could be alleviated with the addition ...