In March 2016, The Money Advice Service and CACI released a research document – A Picture of Over-Indebtedness.
The report tries to understand over-indebtedness across the UK and identifies some key factors linked with over-indebtedness. Someone is considered over-indebted if they find keeping up with bills and credit commitments a heavy burden, or if they have fallen behind or missed payment in 3 or more of the past 6 months.
According to the Money Advice Service and CACI, one in six individuals in the UK are over-indebted, which is about 8.2 million people. In the East Midlands, 16.2% of people are over-indebted, which is similar to the UK average. Nottingham is identified as the part of the East Midlands with the highest percentage of over-indebted people.
Some key factors identified as being linked to over-indebtedness were:
The report notes that these factors are linked to over-indebtedness, but don’t necessary cause it.
You can access the report on the Money Advice Service Website:Latest News. Bookmark the permalink. ← Money Advice Service Consultation on Commissioning Debt Advice Services High Cost Credit Problems in Chesterfield →