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PPI Claims: Consumers 'still have debt concerns'

Payment protection insurance claims or credit card refunds could serve the dual purpose of giving people extra money to spend in stores as well as helping to alleviate their debt problems.

Frances Coulson, president of the insolvency trade body R3, said that statistics showing a rise in consumer spending were often misleading.

She explained that high inflation in the UK has meant that incomes were 3.6 per cent less valuable than the same amounts were one year ago, so people had to spend more money to maintain the same standard of living.

Ms Coulson added that 60 per cent of consumers in the UK were still anxious about their debts.

Her warning came after consumers were told that the financial situation could become worse in 2012.

Legal & General Investment Management's economist Tim Drayson stated that many fiscal indicators were suggesting that the UK economy would slip into recession next year.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801242167-ADNFCR

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