Weakening job market adds to worries for debt-hit consumers
Weakening job market adds to worries for debt-hit consumers
Thursday 17th July 2008
Figures from the Office of National Statistics (ONS) revealed that in the three months to May unemployment rose by 12,200, to take the total number of people currently out of work to 1.62 million.
The ONS data also showed that the number of job vacancies fell by 32,200 to 655,100.
Employers are believed to be cutting back on their staff in the face of higher energy costs and the slowdown in the property sector.
The new data will fuel fears that more and more consumers could fall into problem debt this year as they wrestle with mounting pressure on their finances resulting from higher repayments on mortgage debt and the soaring cost of living.
Debt management companies predict that this will lead to a rise in the number of Britons seeking debt advice and turning to debt management plans (DMPs) and Individual Voluntary Arrangements (IVAs) to cope.
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