Covid hits those in debt the worst

Covid-19 is disproportionately impacting those in debt the hardest - that is according to a recent survey of 300,000 people struggling with their personal finances.

Thursday, 12th November 2020, 10:34 am
Updated Thursday, 12th November 2020, 10:38 am

The survey, from debt and insolvency software specialist The Aryza Group, revealed the average debt level in Wigan is £32,019: 15 per cent higher than the UK average.

Out of 29 of the worst-affected areas, 27 locations are collectively experiencing average individual debt levels nearly 10 per cent higher than the UK average, and Wigan is one of them.

With fresh fears of rapid increases in infection rates as the cold weather hits, and so many of the UK workforce still facing widespread job uncertainty, Martin Prigent, Aryza UK, said: “It goes without saying that the UK is facing its most difficult time in decades, but for those living within our poorest communities, those difficulties are definitely compounded. Not many within these key areas can self-isolate or in some cases, take advantage of the Government’s support scheme, and as a result, could actually see their debt levels increase. Our study results are certainly interesting as they highlight the true cost of Covid-19 for so many who are battling with their personal finances. And, with Covid-19 cases creeping up further each day, for some, those financial worries will only get worse.”

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