Tuesday 4th of August 2009
New figures estimating that unemployment could hit 3.8 per cent may be taking an overly pessimistic view of the prospects for economic recovery, it has been claimed.
Britons struggling with debts are likely to have felt further pressure from figures from the Centre for Economics and Business Research and TaxPayers’ Alliance indicating that unemployment could reach 3.8 million, while national debt could soar to £2.3 trillion.
However, Martin Weale, director of the National Institute of Economic and Social Research, explained that while the predictions could come true, the government’s support for banks could help to ease the number of redundancies as companies find it easier to secure credit and keep themselves in operation.
For those who are in employment but have found their personal debt levels climb in recent months along with rising bank repayment rates, talking to a debt management or individual voluntary arrangement adviser may be an effective way to weigh up repayment options.
Written by Neil Burton
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