For many people in the UK, the cost of living is increasing considerably faster than their wages, it has been claimed.
Chris Tapp, director of the Credit Action charity, suggests that while certain sectors of the UK population have seen their wages rise dramatically in recent years, others have not been so fortunate and are facing a financial struggle as a result.
Furthermore, with millions of people already struggling to become debt free, Mr Tapp maintains that the financial situation for many British households will worsen this year.
“For a lot of people in recent years and still now, the rate at which their wages are going up is substantially slower than that of the cost of living,” he commented.
“I think we’ll see that particularly this year with utility prices going up.”
Over the course of the second quarter of last year, almost 27,000 people in England and Wales entered individual insolvency by way of a debt solution.