Media comment: ONS Household Debt Inequalities

Thursday 7th April 2016

Commenting on the recent Household Debt Inequalities figures from the ONS, Caroline Siarkiewicz, Head of Debt Advice at the Money Advice Service said:

“Whilst these figures suggest a reduction in debt across many UK households, it is still concerning to see that many individuals and families have high levels of debt. A recent study on over indebtedness by the Money Advice Service highlighted that an estimated 8.2 million UK adults struggle with their debts.

“We are working with our delivery partners* to ensure that free high quality debt advice is easy to access across the UK, and that those who need advice and support are aware that this help is available.

“We know that debt advice works and 9 out of 10 people take action to get their finances under control, but currently only one in five people with financial difficulties seek debt advice. I would urge everyone struggling with their debt or money worries, no matter how large or small, to access free advice as soon as possible.”

People who would like help to get their finances back on track can use the Debt Advice Locator Tool to find free, high quality help in their area.

For the full A Picture of Over-Indebtedness report, which includes a breakdown of the findings by local authority, visit Money Advice Service at www.moneyadviceservice.org.uk/pictureofdebt

*Debt advice is provided by the following partners:

England and Wales - Citizens Advice, East Midlands Money Advice, Capitalise, Money Advice West, Greater Merseyside Money Advice

Scotland – We work with the Scottish Legal Aid Board (SLAB) to target areas which are in greatest need of advice

Northern Ireland - Citizens Advice NI

Additional partners - StepChange Debt Charity, Money Advice Trust