Today, the Money Advice Service announces new 2017 over-indebtedness figures for the UK.
- 8.3 million adults in the UK are living with problem debt
- The lowest proportion of over-indebted residents live in the South East 13.3 per cent and East of England 14.3 per cent
- Newham, London revealed as UKs most over-indebted local authority area, 22.7 per cent
This year’s report by the Money Advice Service and CACI reveals that 8.3 million (15.9%) people in the UK are living with a debt problem – the figures show a moderate increase from figures released in 2016 (15.4%).
People living in Newham in East London are estimated to have higher levels of over-indebtedness compared to anywhere else in the UK. The report reveals a picture of over-indebted individuals who are defined as those who are likely to find meeting monthly bills a “heavy burden” and/or those missing more than three bill payments within a six-month period.
Tower Hamlets, London (22.7%) and Sandwell, West Midlands (22.1%) are next in line to Newham, while those in East Dorset (9.7%), Mole Valley, Surrey (9.9%) and Chiltern, Buckinghamshire (9.9%) are reported to have the lowest proportion of over-indebted residents in the UK. (Tables 1 & 4). The top two over-indebted regions in the UK are the North East (17.7%) and Wales (17.7%), followed closely by London (17.2%) and the North West (16.9%). (Table 2).
Sheila Wheeler, Director of Debt at the Money Advice Service said: “This research tells us that one in six people in the UK have financial worries, a figure that stands at over 8.3 million. Debt is a complex challenge and one that needs a collaborative approach if we are to successfully address it.