The Citizens Advice Bureau (CAB) wants the government to press ahead with a new low cost insolvency solution, following research which shows many people are facing a lifetime of debt.
In the report published today: ‘Deeper in Debt’, the CAB says there is an increasing debt crisis, with clients of the charity owing an average of £13,153, almost a third more than they did three years ago. The CAB says this amount of debt is around 17.5 times the total monthly household income for the clients, meaning it will take around 77 years to off the money they owe at a rate which is affordable. In addition the research of 567 debt clients from across 61 bureaux, reveals consumer credit debt problems have doubled over the last eight years, with the CAB dealing with 1.25 million...
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