National advice service ‘would slash debt figures’

This figure is based on the premise that around ten per cent of low earning Brits take action on the debt advice they receive at a national finance service as is planned by the government.

In addition, the Resolution Foundation the organisation behind the research suggests a national financial advice service would precipitate a £2.2 billion reduction in total unsecured lending rates nationwide.

Commenting on the research carried out by Deloitte, chairman of the foundation Clive Cowdrey remarked: “Greater access to financial advice links a sustainable financial services market with the delivery of public policy goals.”

In January of this year, the Resolution Foundation welcomed the announcement by Tresury minister Ed Balls that the government planned to create a national financial advice service to help the millions of people looking for a debt solution.