Debt fuelled by pandemic and job losses will stifle nation’s recovery, StepChange claims
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British households are expected to rack up debts worth a combined £6bn because of the coronavirus crisis, as millions of people fall behind on credit card payments, council tax and utility bills.
Sounding the alarm as the economic fallout from the health emergency mounts, the StepChange debt advice charity said 4.6m households risked building up dangerous levels of debt because of the pandemic.
StepChange said debt charities were gearing up for a doubling of demand for their services
Related: UK consumers repay record £7.4bn of debt in Covid-19 lockdown