Individuals could be struggling with debt because of the low wages that they earn, it has been suggested.
Richard Sorsky, chief executive of the UK Insolvency Helpline Debt Advice Service, said that people’s earnings are not increasing with the cost of goods.
Mr Sorsky explained that the price of products such as mobile phones, petrol and broadband services are on the up, but people’s salaries are not.
“Living costs are rising yet most people we speak to have not had a raise in five years,” the industry expert remarked.
He added that problems with finances could be causing serious illness such as stress and many people are being referred to the organisation from their doctors.
A poll recently conducted by Adfero revealed 35 per cent of those questioned to be dissatisfied with their money situation at present, with some citing over-spending and poor job prospects as the reason for this.
By Joe Shervin