MAT > Media centre > News > Debt problems expected to increase

Debt problems expected to increase

Money Advice Trust comments on Q2 Insolvency Statistics

The Insolvency Service has today published insolvency statistics showing there were 22,772 individual insolvencies in the second quarter of 2017 – a decrease of 9.7% on the previous quarter, returning to the level seen in the second quarter of 2016.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said:

“After several steep rises in recent quarters, this fall in insolvencies in the last quarter is welcome news. However, we should remember that insolvencies are still 21 percent higher than they were just two years ago. There is a significant risk that this long-term trend could continue.

“Household debt continues to surge, and a renewed squeeze on incomes is eating into budgets that in many cases are already stretched. We expect demand for free debt advice to continue to rise over the rest of 2017.

“I would urge anyone who is struggling with their commitments to seek free advice from a charity-run service like National Debtline as soon as possible.”

National Debtline offers free, independent and confidential advice 24 hours a day online at www.nationaldebtline.org or on 0808 808 4000, Monday to Friday 9am to 8pm, and Saturday 9.30am to 1pm.

 
© Money Advice Trust Charity Number 1099506
site by rubbaglove