• Friday, August 19, 2022

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Problem Debt Affects 8.3 Million people in UK: NAO

An elderly man warms himself in front of a fire on October 6, 2011 in Bristol, England amid rising electricity and other energy prices. (Photo by Matt Cardy/Getty Images).

By: Radhakrishna N S

Problem debt, the inability to pay debts or household bills, affects around 8.3 million people in the UK, said National Audit Office (NAO) in a statement on Thursday (6). An estimated 4 in 10 people in the UK cannot manage their money well day-to-day, and internationally the UK ranks below average in financial capability. The inability to pay debts can also increase people’s likelihood of being in state-subsidised housing. The NAO estimates that the increased use of public health and housing services by people with problem debt costs taxpayers an additional £248 million a year, and around £900m a year…

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