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Bank charges: 6.2m 'financially vulnerable'

Having to pay bank charges may be one of the reasons why 6.2 million families in the UK are now considered to be 'financially vulnerable'.

Research commissioned for national debt charity Consumer Credit Counselling Service (CCCS) has revealed that 3.2 million households are already in financial difficulty, while a further three million are at risk of getting into money trouble.

Lord Stevenson of Balmacara, chairman of the CCCS, said: "Unfortunately, these figures confirm our fears - that troubled times lie ahead for many people in the UK.

"What this report shows is that the pain is going to spread wider and affect many more people than many commentators have previously assumed."

He added that the debt charity was contacted by nearly 418,000 people in 2010 and data shows that many "decent, ordinary people" are now struggling to make ends meet.

The research revealed that 4.3 million households have no savings or only a very small amount.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.


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