Post-Covid personal debt tsunami inevitable unless radical relief is give

Industry News | 09/06/20

On 9 June 2020, StepChange published a briefing revealing that a personal debt tsunami of £6 billion directly attributable to the pandemic is already being stored up among some 4.6 million households and, if left unchecked, is set to worsen. They’re warning that coronavirus-related debt will act as a drag on economic recovery and will deluge advice services once the reality of people’s situations begins to hit home in the coming months. Debt charities are gearing up for a doubling in demand for debt advice by the end of the year. We set out three key recommendations to enable a less painful exit strategy from the debt backlash.

Source: StepChange