In the red: households with more debt than money
Well, my debts far outweigh my assets- mainly because of low-paid part time work while raising my two children as a single parent.
We bailed out the banks, how about Labour committing to bailing out those with personal debt?
In 2010-12, half of households (50%) in Great Britain had some kind of financial debt – for example formal borrowing (but not mortgages), overdrafts and arrears on household bills. About half of these households – a quarter (25%) overall – had debts worth more than their financial assets. Financial assets can include money held in the home or in bank accounts, savings accounts, stocks and shares, etc.
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