British households are increasingly struggling with problem debts, according to alarming official figures, in the starkest indication yet of the UK slipping into the red.
Government statistics for England and Wales show applications for individual voluntary arrangements (IVAs) a means of managing personal debt reached their highest level since they were introduced in 1987.The spike in their usage comes amid a 10.6% increase in wider insolvencies since the end of June.
The figures paint a worrying picture of Britain in the red, and comes as the growth of personal loans, credit cards and car finance outstrips the rise in earnings by almost five times. Bank of England data shows personal debts have risen to levels unseen since the fi…
Read the full article at: https://www.theguardian.com/money/2017/oct/27/rise-in-personal-debt-agreements-add-to-concerns-about-uk-debt
