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More families 'will find it difficult to repay loans'
Families will face growing problems when it comes to repaying loans as debt problems are set to rise.
This is the opinion of David Rodger, managing director The Debt Advice Foundation, who said living standards are going to continue to fall for many people in the UK.
"As prices go up and wages remain static and worse still, people find themselves unemployed through no fault of their own, the problem of repaying borrowings becomes increasingly difficult for families," commented Mr Rodger.
His comments come after the Institute for Fiscal Studies (IFS) recently revealed that in the financial year 2010-11 tax credits, earnings and state benefits fell in real terms in Britain.
Researchers for the IFS estimated that this has meant household income has decreased by 3.5 per cent and predicted that a drop in living standards will continue until 2014.
Mr Rodger went on to say the popular use of loans, credit and store cards are making it too easy for debts to get out of control, which is why so many people are left struggling to pay their household bills.
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This is the opinion of David Rodger, managing director The Debt Advice Foundation, who said living standards are going to continue to fall for many people in the UK.
"As prices go up and wages remain static and worse still, people find themselves unemployed through no fault of their own, the problem of repaying borrowings becomes increasingly difficult for families," commented Mr Rodger.
His comments come after the Institute for Fiscal Studies (IFS) recently revealed that in the financial year 2010-11 tax credits, earnings and state benefits fell in real terms in Britain.
Researchers for the IFS estimated that this has meant household income has decreased by 3.5 per cent and predicted that a drop in living standards will continue until 2014.
Mr Rodger went on to say the popular use of loans, credit and store cards are making it too easy for debts to get out of control, which is why so many people are left struggling to pay their household bills.
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Published: 13/09/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.