StepChange
Summary
The StepChange Statistics Yearbook 2023 provides an insightful overview of the current state of personal debt in the UK, documenting the challenges faced by individuals seeking debt advice. The report highlights the significant impact of the cost of living increase on debt levels and explores the changing demographic and financial characteristics of new clients who sought advice in 2023.
Key Points
A total of 183,403 new clients completed their first full debt advice session in 2023.
The cost of living increase is now the primary reason for debt, cited by one in four clients.
One in three clients has a negative budget, indicating expenditures surpass income.
Average unsecured debt among clients rose by 8% to £14,654 from the previous year.
Credit cards remain the most common type of debt.
Significant proportions of clients (42%) with energy bills are in arrears.
The demographic most represented among new clients includes women, single parents, and younger adults.
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