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Commercial Credit News
|MAS comment on debt study by Citizens Advice|
|Wednesday, 10 August 2016|
Speaking about research published by Citizens Advice which shows that levels of debt limit people’s life chances, Sheila Wheeler, Director of UK Debt Advice, at the Money Advice Service, said: “This research clearly shows the ways in which problem debt restricts people’s life chances and makes them less likely to get on the property ladder, progress with their career or start a business. These findings agree with those of the Money Advice Service in its A Picture of Over-Indebtedness report* published in March 2016, which identified key factors which are linked with over-indebtedness. These included renting rather than owning your own home, being part of a larger family, being a single parent living with a household income of under £10,000 or being a young adult aged between 25 and 34.
“We welcome the research published by Citizen’s Advice today and encourage close referral partnerships between all agencies, so that people experiencing debt are provided with timely and appropriate support and advice. One in six people in the UK are struggling with problem debt, but only one in five of those seek advice. Anyone worried about their levels of debt should seek help from a qualified debt adviser. The Money Advice Service’s Debt Advice Locator tool can help people find sources of debt advice in their local area.”
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