Creditfix’s latest UK Personal Debt Index (PDI) has been released and has found that throughout Quarter 4 2016, the percentage of people who own their own home fell to 8.5% of respondents, compared to the previous quarter when it stood at 10.5%. The quarterly report is put together following a survey of over 31,000 individuals, comparing the situation and locations of people across the UK currently receiving support to get out of debt.
In Quarter 4 2016, Edinburgh experienced the biggest fall in the number of consumers accessing debt help of with a drop of -34.9%, whilst Bristol was identified as the city with the biggest quarter-on-quarter increase at +26.9%. An increase in the average age of people receiving support has also been identified in the report, with the percentage of 20-25 year olds decreasing from 7.0% to 2.5% in Quarter 4 2016 compared to the previous quarter.
Compared to the previous quarter, the percentage of married individuals undertaking support decreased from 19.5% to 18.8% of the total surveyed, whilst the number of single people rose by +1.4%. The PDI comes as the Insolvency Service released its insolvency statistics, announcing that the number of people who became insolvent in England and Wales in 2016 was 90,930. This was a 13.1% rise on 2015 (a statistically low year) but in line with consistently high figures since 2012. Other facts from the report includes:
The quarterly report is put together following a survey of over 31,000 individuals, comparing the situation and locations of people across the UK currently receiving support to get out of debt.
Pearse Flynn, CEO of Creditfix said “An increase in the number of people seeking help shouldn’t be instantly associated with being a negative thing. It could be a reflection of how many people are willing to open up and talk about their personal finance issues. Tackling problems such as debt head on is always the best course of action, as brushing them aside can often result in finances spiralling out of control.”