While the City is regaining its confidence as the economic recovery gathers steam, millions across the UK remain mired in serious debt problems.
According to a new report by the Money Advice Service (MAS), nearly nine million people are living with “serious” debt issues and very few are seeking professional help.
The problem is particularly acute in 5 English cities, where more than 40% of the population are struggling to pay off debts.
The report found that 74% of people having debt issues were “unhappy”, and that 18% of Britons, 8.8 million people, consider themselves to have “serious” financial issues.
The study shows that the top five cities where people are “over-indebted” are: Hull, where 43.1% of people are struggling with debt, Nottingham, with 41.2%, Manchester at 41.1%, Knowsley at 40.7% and Liverpool at 40.6%.
Caroline Rookes, the chief executive of MAS said: “Millions of people could escape their spiral of debt by accessing free advice.”
“We know it transforms lives and the sooner people access it, the better – to take steps to improve their life for good.”
Now read this: