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Debt is falsely ‘propping up the economy’

Debt is falsely ‘propping up the economy’ according to the UK Insolvency Helpline. Its spokesperson, Ian Boden-Smyth says there will be an increase in the number of repossessions, insolvencies and bankruptcies. He was speaking out following the attack on the Government’s record on debt by the Public Accounts Committee. He says “Banks at the moment are doing their very best to keep matters at bay by offering people interest-only mortgages or giving people holidays from their mortgage payments.” The Department for Business, Innovation and Skills recently announced that 11 per cent of the population are finding it difficult to manage their debts.


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