Contrary to popular belief, most people don’t get into debt because they overspend or live beyond their means.
According to our recently released Statistics Yearbook 2014, the biggest cause of problem debt among our clients is unemployment. Just under a quarter of clients tell us it as the main reason for their debt, with a further 12.8% saying they got into debt after experiencing a drop in income.
These income shocks could happen to anyone. In May 2014, it happened to Nick and Faye* from Birmingham.