Fears raised over unemployment rise

Published on

Official labour market statistics for the October-December 2010 quarter published by the Office for National Statistics (ONS) showed that there are 2.49 million people unemployed, a rise of 44,000 in the three months to December.

Also, over 20% of those aged 24 and under are now unemployed, the highest level since comparable records began in 1992.

Debt charity Consumer Credit Counselling Service (CCCS) has warned that job loss significantly deepens personal debt problems.

A quarter of people contacting CCCS for help in 2010 were in financial difficulty due to unemployment and almost 11% were claiming Jobseekers Allowance (JSA).

On average, CCCS clients claiming JSA owe £15,816 in unsecured debt, close to double the national average. The charity says that the shock to family finances caused by unemployment can force thousands of people into unmanageable debt just to keep afloat. Last year, unemployed clients had a shortfall of £2,436 in the money needed to cover the costs of day-to-day living.

Delroy Corinaldi, CCCS external affairs director, said: “With almost 2.5 million people currently unemployed

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Net zero rules targeted in housebuilding shake-up

The Conservatives have pledged to strip as much as £50,000 from the cost of...

Tories put stamp duty abolition at heart of housing shake-up

The Conservatives have pledged again to scrap stamp duty as part of a housing...

Target Group adds Carla Stent to board

Target Group has appointed Carla Stent as a non-executive director, adding further financial services,...

Later life lending summit to focus on changing advice needs

Mortgage advisers will be encouraged to consider how longer borrowing lives and increasingly complex...

National Friendly launches mortgage-linked income protection cover

National Friendly has launched a short-term income protection product designed to cover mortgage payments...

Latest publication

Other news

Net zero rules targeted in housebuilding shake-up

The Conservatives have pledged to strip as much as £50,000 from the cost of...

Tories put stamp duty abolition at heart of housing shake-up

The Conservatives have pledged again to scrap stamp duty as part of a housing...

Target Group adds Carla Stent to board

Target Group has appointed Carla Stent as a non-executive director, adding further financial services,...