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TOPIC: Families forced to borrow to make ends meet as household debt hits record high

Families forced to borrow to make ends meet as household debt hits record high 08 Jan 2019 00:25 #12658

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TUC analysis shows that average household debt has hit a new record high.

New analysis published today (Monday) by the TUC shows that household debt rose sharply over 2018, with unsecured debt (debt other than mortgages) reaching a new record high.

Unsecured debt per household has risen to £15,385 in the third quarter of 2018, up £886 on a year earlier, with millions of household forced to borrow cash to make ends meet.

According to the TUC’s analysis, total unsecured debt rose to £428bn in the third quarter of 2018 – a record high, and well above the £286bn peak in 2008 ahead of the financial crisis.

Unsecured debt as a share of household income is now 30.4% – the highest on record, and well above the level it reached in 2008 ahead of the financial crisis (27.5%).

The TUC blames years on austerity cuts and stagnant wages, as the data shows that millions of families are still worse off, in real-terms, than before the financial crash.

Whilst the Government boast about reducing the deficit, the difference between what the Government spend and how much it raises in taxes, the analysis suggests that the debt burden has been passed on to individual households.

However, in truth, public sector net debt, adjusted for inflation, has increased by more than half (53%) sine 2009/10, when Labour were in Government.

welfareweekly.com/families-forced-to-borrow-to-make-ends-meet-as-public-sector-debt-soars-under-tories/
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