Thursday 23rd of April 2009
Unemployment levels have continued to rise in the UK, figures have revealed, news that could leave many more consumers needing debt management help.
According to the Office for National Statistics (ONS), an additional 177,000 people became unemployed in the three months up to February.
It means that a total of 2.1 million are now out of work - the highest number since 1997.
As a result, many borrowers could find that they are unable to repay their debts and may wish to seek IVA advice in order to address the options available to them.
The ONS noted that the unemployment rate is also at its highest level since 1997 - at 6.7 per cent.
Meanwhile, the Low Incomes Tax Reform Group has noted that yesterday’s Budget announcement will mean help is provided to those are struggling, but that many will still have debt management problems.
One of the measures it observed was a one-off increase in Statutory Redundancy Pay, which will rise from £350 to £380 per week.
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Debt management concerns 'can lead to depression'
