Published: 17th Jan 2018

A quarter of households on very low incomes are facing high debt repayments or are behind on bills, according to a new study. Research published this week by the Institute for Fiscal Studies (IFS) reveals around one sixth (16%) of the lowest income households are in arrears on repayments or bills. And an additional 12% are spending more than a quarter of their income on unsecured debt repayments. According to the IFS, the combination of these two figures shows that around a quarter of the lowest income households are struggling with debt. The study also shows that young adults are much more likely (16%) to be in households that are in arrears or spending a large fraction of their income on debt than older adults (3%).   The report says that around half of all households in Britain have some of unsecured consumer debt. Almost half have unsecured debts with … (To read the full article, subscribe below)