One million people 'struggling with debt'

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One million people 'struggling with debt'

Fri 5th Feb 2010

Up to one million people in the UK are finding it difficult to sort out their debt problems, according to the Association of Business Recovery Professionals (R3).

The group has stated that the latest insolvency figures from the government only show part of the story, as its own research indicates that there are 916,000 people struggling with their financial problems without seeking help.

On top of this number, there are also 574,000 individuals who have contacted creditors to get assistance in meeting their debt repayments.

President of R3 Peter Sargent said: "We know from previous recessions that early recovery can be a dangerous time - insolvencies continue to rise even after a recession ends."

R3 has previously suggested that one way of preventing vulnerable people from getting into debt is by banning point of sale store cards in high street shops, describing it as being "irresponsible" for financially unqualified shop assistants to be able to hand over credit.

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