Credit, Collections & Insolvency News
According to a recent study by The Aryza Group, 27 out of 29 of the country’s worst-affected Covid-19 pandemic areas are experiencing debt levels higher than the UK average.
The results showed that COVID-19 is disproportionately impacting those in debt the hardest.
Out of 29 of the worst-affected areas, 27 locations are collectively experiencing average individual debt levels nearly 10 per cent higher than the UK average.
Liverpool was the first city to be placed in the tier three lockdown category and the data showed that those currently struggling with their personal finances, had an average personal debt level of £30,640 – almost £3,000 more than the national average.
The company surveyed over 300,000 people already struggling with their personal finances.
With fresh fears of COVID-19 infection levels rising even further as the cold weather hits and so many of the UK workforce still facing widespread job uncertainty, Martin Prigent, Aryza UK, said “It goes without saying that the UK is facing its most difficult time in decades, but for those living within our poorest communities, those difficulties are definitely compounded. Not many within these key areas can self-isolate or in some cases, take advantage of the Government’s support scheme, and as a result, could actually see their debt levels increase.”
“Our study results are certainly interesting as they highlight the true cost of COVID-19 for so many who are battling with their personal finances. And, with COVID-19 cases creeping up further each day, for some, those financial worries will only get worse.”