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Debt problems - Household Finance Index

22/03/2011 Get Adobe Flash player

Debt problems could put an even greater pressure on homewoners finances in the coming year, following the publication of new research this week.

The Household Finance Index (HFI) outlines the biggest squeeze on finances in almost two years, as Brits face a rise in costs alongside falling incomes.

Research company Markit is behind the monthly report, which shows the Index is currently registering a two-year low.

The firm highlights that households are at their most pessimistic about their financial outlook since the survey began in February of 2009.

A survey-record drop in available cash to spend is also recorded as incomes continue to fall and prices rise, on top of the sharpest decline in job security for eight months.

And worst of all, debt problems appear to be at their most severe for the lowest earners.

Those earning less than £15,000 per year again recorded the steepest fall – around 50 per cent noted a reduction in expendable income for March.

Senior Economist at Markit, Tim Moore, says: "The March HFI survey presents a bleak assessment of household finances ahead of the UK Budget."

Debt expert Kevin Still says: "Reductions in disposable income either through loss of earnings or above inflation household expenditure rises are the most common cause of UK consumers seeking debt help and potentially a debt solution like a Debt Management Plan (DMP) or an IVA.

It is not just low earners, many middle class families are suffering debt problems for the first time." ADNFCR-2613-ID-19953993-ADNFCR

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