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PPI Refund: People 'worse off than during recession'

Loan refunds could be more important now than during the recession.

New research from the Money Advice Trust found that households are now feeling the effects of their financial constraints as circumstances become more restrictive than they were a few years ago.

"For the time being we may be technically out of recession, but the 'public's recession' has never gone away, in fact it's been getting steadily worse," said the trust's chief executive Joanna Elson.

Due to a higher cost of living and declining incomes people are becoming increasingly reliant on credit to ease their money worries, the research revealed.

The chief executive said people had been making unsustainable sacrifices such as cooking all their meals at the same time to lessen the cost of expensive fuel prices or selling their possessions.

Keith Wade, the chief economist at Schroders, recently predicted that economic growth in the near future would be "subdued".

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt. ADNFCR-2776-ID-800773574-ADNFCR

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