One million in the UK have debt problems
According to the Association of Business Recovery Professionals, up to one million people in the UK are having a difficult time sorting out their debt problems.
Their research shows that there are 916,000 people struggling with their financial problems without seeking help, so their claim is that the government’s latest insolvency figures only show part of the story.
On top of this number, there are also 574,000 individuals who have contacted creditors to get assistance in meeting their debt repayments.
President of the Association of Business Recovery Professionals, Peter Sargent said: “We know from previous recessions that early recovery can be a dangerous time – insolvencies continue to rise even after a recession ends.”
He has previously suggested that one way of preventing vulnerable people from getting into debt is by banning point of sale store cards in high street shops, describing it as being “irresponsible” for financially unqualified shop assistants to be able to hand over credit.