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READ MORE"Startling" jump in debt advice after inflation surge - UK charity
A British debt advisory charity said on Wednesday that demand for its services jumped by almost a third in January due to the cost-of-living crisis and it urged the government to reverse its plan to scale back its energy price support for households.
StepChange said the number of new clients seeking full debt advice rose by 32% from January 2022, hitting 18,665.
A sharp increase in inflation over last year and a string of borrowing cost increases have eroded the financial resilience of many households. Grocery inflation hit 17.1% in the four weeks to Feb. 19, according to data published on Tuesday.
StepChange director Richard Lane said the increase in demand for advice was startling and suggested that problem debt was starting to take hold after a year of soaring prices.
"There's only so much people's finances can cope with, particularly for those on low incomes, and with financial resilience waning, more people may be forced to turn to credit to make ends meet over the coming months," Lane said.
Read more at Reuters
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