5 million families face debt problems

Hanging file folder labeled with DebtsNew research has shown that millions of UK families have debt problems, with 1.6 million suffering from extreme debt. The report, called ‘Britain in the red’ and published by the TUC and Unison, found that between 2012 and 2015 the total amount of unsecured borrowing in the UK, which excludes mortgages, rose by £48 billion to a staggering £353 billion. Families are divided into two groups: ‘Problem debt’: This accounts for 3.2 million, equivalent to 1 in 8, households in the UK. It is defined as paying out ...