Financial situation 'will be difficult for some time'

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Financial situation 'will be difficult for some time'

The financial situation for most people is likely to be difficult for some time due to high levels of unemployment, says an industry commentator.

Chris Tapp, director of the national money education charity Credit Action, predicted that things are not likely to get better until well into next year.

He pointed out that just because the economy as a whole is gradually improving, it does not mean that everyone's finances are doing the same.

"So whilst the general economic situation is set to improve for individuals and for families, things are likely to be difficult for some time," he said.

Mr Tapp stated that interest rates are likely to go up in the future, which will impact people's everyday wealth, particularly if they are not in work.

Figures released by the BBC recently indicated that households saw their annual income drop by £31,000 on average last year, while the drop in house prices took £422 billion off the value of people's housing wealth.

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