Families are struggling to make the numbers add up.
14 September 2009
Debt management plan users may be interested to hear the thoughts of Credit Action director Chris Tapp.
The money education charity specialists explained household wealth could take a long time to improve after the fiscal events of the last two years.
He suggested unemployment could remain a prominent issue until well into 2010 and that the average family could struggle financially for the time being.
The majority of the damage to household wealth has been done by tumbling stocks and house market prices, he explained, adding it could take some time before people recover from the hit to their finances.
Mr Tapp said it is likely more people are struggling with paying back their loans and credit cards than ever before.
"In lots of ways I think that is due to the increasing price of debt and the fact that credit has been harder to come by for a lot of people," he asserted.
The comments come after BBC figures showed falling house prices took around £422 billion off the nation''s household wealth.
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