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Total consumer credit lending to individuals at the end of Feb 09 was £231bn. This has continued to slow to 3.4% in the
last 12 months.
- Government backed Insolvency Service increase fees by 25 per cent
- Value of debts written off by UK banks up by over 25 per cent
- The Limit on contactless card payments increases to £15
- UK credit card debts left to pile up
- Ex Government Advisor says credit card interest rates are excessive
- ?Missing? credit report information could affect your ability to get credit
- Highest Credit Card Interest Rates since 1998
- Mortgage applications up 14% in January
Parents forced back to work by debts
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25th January 2010
Parents forced back to work by debts
Recent research from Scottish Widows, the Pensions, Insurance and Savings Company confirms that 4 million UK parents will be forced back to work in 2010 because of increasing levels of debt.
The Scottish Widows figures reveal that of around 6.6 million UK households with dependent children 4 million households are dependent on 2 or more salaries for the household. Overall 11.3 million UK households rely on more than one salary to cover household bills.
Clive Allison, Scottish Widows Protection director, said: "The days of one parent going out to work while the other takes care of the family is just not an option for many people. Nearly half of families with dependent children now rely on two incomes to maintain a decent standard of living."
Levels of debt also rocketed with children – the average household with dependent children has £91,648 still outstanding on their mortgage, a £3,000 jump from levels last year.
But the average household with dependent children has carried over £8,653 in short term debt over the last three months, compared to an average of £7003 for those with no dependent children.
Allison said: "This reliance on two incomes to run the family homes means millions of households are leaving themselves at risk of being unable to survive financially if one of the bread winners become unable to work as a result of critical illness, death, disability or due to an accident."
Parents also face higher levels of outstanding debt if they have more than one child. Those with one dependent child face £78,830 of debt, having two dependent children means parents have £98,122 of debt and parents with three or more children face £107,922 of debt. -
