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StepChange Debt Charity comments on insolvency statistics

29 April, 2014

In response to today’s (April 29) latest insolvency statistics, StepChange Debt Charity’s head of policy Peter Tutton said:

“Personal insolvencies still remain well above the long term average. This is the legacy of the personal credit boom, the recession and the continuing squeeze on household budgets, which have hit personal finances hard and left thousands facing the unwelcome prospect of insolvency.”

“While insolvencies remain high, we know that millions of households’ finances have been stretched to breaking point and that many are using credit simply to make ends meet. In this context we need to ensure that those people facing short term financial difficulty are given breathing space to stop debts spiralling to the point where insolvency becomes the only option.”

Anyone considering insolvency should get free, impartial debt advice first so that they are fully aware of their options and the implications of this course of action.