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- Mon 12th Sep 2011
- Up to one in six European banks fail financial health check.
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- Mon 13th Jun 2011
Wage divide 'contributing to debt'
Wed 16 Jan 2008 5pm
The growing divide between high and low paid workers in the UK is leading more people into financial difficulty, it has been suggested.According to Credit Action, wages for City workers have "exploded" in recent years and created a "super rich" section of society, while people in other jobs have seen the cost of living rise at a quicker rate than their earnings.
Consequently, many Britons are finding it difficult to cope with higher utility prices and other costs brought on by inflation, making a growing number of people susceptible to debt problems, director Chris Tapp said.
He explained: "Wages haven't kept up with the cost of living and so for a lot of people that means that their weekly budgets and the amount of money they've got spare is being tightened up."
Mr Tapp also urged people with debt worries to seek professional advice before making any major decisions about their financial situation.
Recent figures state that the average UK household has £4,280 worth of debt.
