Insolvency statistics indicate changing debt story

1 November, 2013

In response to today’s (November 1) latest insolvency statistics, StepChange Debt Charity’s head of policy Peter Tutton said:

“The continued annual decline in the levels of personal insolvencies is to be welcomed, but these figures still remain above the long term average.

“The declining numbers of personal insolvencies is an indication of the changing nature of debt in the UK. We now appear to be moving to a period where there is less emphasis on high levels of personal debt, but is defined by households struggling to pay their essential household bills.

“Those households struggling with acute repayment difficulties need to be given breathing space to address short-term financial hardship.”