Rising Numbers of Young Adults and Single Parents Seeking Debt Help
March 15, 2018
Young adults and single parents are among the increasing numbers of people seeking debt help across all part of the UK, according to a new set of figures.
The debt help charity StepChange has published figures on its activities during 2017 and revealed that more than half a million Brits sought out its assistance over the course of last year.
A total of just less than 620,000 new clients were counted by the charity last year, which represents an increase of 3.5 per cent compared with 2016 and a jump of around 22 per cent compared with four years earlier.
StepChange’s latest figures suggest that debt problems are affecting more and more younger people, with one in seven of its new clients being under the age of 25 and close to two thirds being under the age of 40.
Meanwhile, more than a fifth (21.5 per cent) of the new clients helped by the charity in 2017 were single parents, despite the fact that the demographic only account for 6 per cent of all UK households.
Roughly 80 per cent of the people who got in touch with StepChange last year were renters rather than homeowners.
Credit card debts were the most commonplace form of arrears affecting new clients approaching the charity and 40 per cent were in arrears with one or more of their most essential household bills.
Remarkably, one in every 100 adults in the UK contacted StepChange for some form of advice or support in dealing with their debts over the course of 2017.
“Our clients show that the debt problem is far from solved,” said Phil Andrew, StepChange chief executive in a statement.
“With the prospect of higher interest rates ahead, it would be a mistake to take too much reassurance from the gradual improvement in the wider economy.
“Debt charities help clients to pick up the pieces when things have gone wrong. But it’s vital that the government, regulators and those in the industry do everything they can to head off problems from occurring in the first place.”
If you live anywhere in Scotland and you’re finding it tough to cope with your debt problems then Scotland Debt Solutions can help. Contact us directly to arrange a free and confidential consultation.