- Monday, 14 September 2009UK citizens could continue to struggle financially as a result of ongoing economic hardships such as continued unemployment.
According to Credit Action, unemployment will remain bad until 2010 and people will struggle as a result of a growing inability to secure loans and repay debts.
The number of consumers entering into
individual voluntary agreements (IVAs) could rise as a result of the widespread debt problems.
Chris Tapp, director of Credit Action, said that the difficulties in acquiring credit and the subsequent costs of that credit for those who secured it, are contributing to increasing debt problems.
He commented: "I think there are more people struggling with debt than they were previously. In lots of ways I think that is due to the increasing price of debt and the fact that credit has been harder to come by for a lot of people."
According to the BBC, UK households saw their wealth fall by an average of £31,000 last year.
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