Spike in unemployment figures fuels fears of debt epidemic
Spike in unemployment figures fuels fears of debt epidemic
Thursday 17th July 2008
According to the Office of National Statistics (ONS), the amount of Britons claiming the Jobseeker's Allowance grew by 15,500 during the month to take the total to 840,100.
The jump in June is the largest monthly increase for 16 years.
Figures from the ONS also showed that the number of people who are unemployed also rose by 12,200 over the course of the second quarter.
The data is likely to fuel predictions that more and more consumers will be faced with problem debt this year as the slowing economy impacts on their finances.
This in turn is expected to result in an increase in demand for professional debt advice and debt management solutions.
TDX Group recently announced that between January and May there was a 32.3 per cent increase in the number of individual voluntary arrangements (IVAs) opened to 2,517.
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