BIG INCREASE IN AVERAGE HOUSEHOLD DEBT, STUDY SUGGESTS

BIG INCREASE IN AVERAGE HOUSEHOLD DEBT, STUDY SUGGESTS

Data has been released by the TUC

Average household debt has increased amid a rise in insecure work and years of wage stagnation, new research suggests.

The TUC said unsecured debt, other than mortgages, reached record highs last year.

Total unsecured debt increased to more than £400 billion in the third quarter of 2019, well above the record peak of £286 billion in 2008 ahead of the financial crisis, said the report.

Government austerity, pay stagnation and more workers in insecure jobs were the main reasons for the increase, said the TUC.

Real wages are lower on average than before the financial crisis, pushing many workers towards borrowing money, according to the union organisation.

Published: by Radio NewsHub
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