Richard Lane, Director of External Affairs, StepChange Debt Charity
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Richard Lane, Director of External Affairs at StepChange Debt Charity, comments on the main reasons why households were in debt in March 2022.
High inflation in the cost of basic goods and services, such as energy bills and food, means that those households who already have little ability to flex their spending cannot absorb higher costs without incurring debt or suffering significant hardship.
“With the March data reflecting the situation worsening even before April’s energy price hikes, the months ahead will be challenging for households on tight budgets. We continue to urge the Government to recognise the uniquely problematic situation in which many lower income households currently find themselves, and introduce tangible, targeted measures to address the shortfall between their costs and their income.
Cost of living pressure rising as a cause of debt, as borrowing increases in March
Media contact: Press Office, 0207 391 4598, press@stepchange.org
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