Household debt in UK worse than at any time on record according to ONS

Posted by: Eden Morrison on October 26 2018 | Tagged: General news

Uk households have seen their outgoings surpass their income for the first time in nearly 30 years, ONS data have shown.  On average, each UK household spent or invested around £900 more than they received in income in 2017; amounting to almost £25 billion.

To fund this shortfall, households either have to borrow - at which point they could be living beyond their means - or dip into their savings.  And ONS data show they are borring more and saving less.

As a responsible lender, Scotcash is here to make sure you get the best advice for your circumstances.  It can be difficult to deal with a debt situation and if you are struggling to cope, it can be hard to know where to turn.  Take our 60 second debt test to find out if you need debt advice.

There are lots of free advice services across the UK, click here to find one near you.