R3 highlights UK debt relief situation

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R3 highlights UK debt relief situation

Thu 23rd Dec 2010

A debt expert from R3 has described it as "worrying" that 38 per cent of people struggle to make it to their next payday with funds in their bank account.

President of the business recovery organisation Steven Law noted that much of the financial strain is caused by people overspending just after they receive their wages.

"It is evident that many people under financial pressure pay little regard to planning how their paycheck is spent," he said.

According to R3 research, people who find it hard to make it to their next payday will start to struggle around day 19 of the month.

The company pointed out that this figure stood at day 20 when the quarterly report was produced in the summer, which suggests the situation is getting worse.

Last week, R3's technical director John Frances suggested the recent ruling between Nortel and the UK Pensions Regulator could have negative consequences for the business rescue sector.

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