More And More Families Facing Debt Problems

The Consumer Credit Counselling Service (CCCS) has warned that falling incomes and increasing numbers of redundancies are leaving many families in debt as they cannot pay their bills or mortgages.

Living costs have continued to rise while many incomes have flat-lined; families simply are not earning enough to support themselves. Some commentators have argued that the debt ridden life styles of many families were unsustainable and now the crunch has come.

The situation for some families will only worsen at the start of the new tax year when the threshold for the 40.0% tax rate is lowered. Research has shown that those families with two children who can only spare £62.00 a month to repay their debts will the most vulnerable demographic.

The chairman of the CCCS, Lord Stevenson released the following statement: “The picture is undoubtedly bleak and it seems likely that many more families, including better-off ones, will be increasingly prone to over-indebtedness in the months ahead”.

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