StepChange Debt Charity reaction to insolvency statistics

02 August, 2013

“While the general trend towards a decline in personal insolvencies is to be welcomed, the fact is that these numbers remain above the long-term average. 

“With the levels of outstanding consumer debt now at similar levels to where they were 10 years ago, we would expect to see personal insolvencies fall back to those levels experienced a decade ago. This is not the case, and suggests that many people are struggling with a substantial debt overhang.

“As household finances continue to feel the effects of a weak economy and austerity measures, it’s crucial that households be given the necessary breathing space to help avoid the unwelcome prospect of insolvency.”