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PPI claim news: British households 'more in debt than ever'

Britons are in desperate need of compensation from payment protection insurance (PPI) mis-selling cases, as households are in more debt than ever.

This is according to leaders at saveoursavers.co.uk, who have refuted Bank of England chief Sir Mervyn King's claims that consumers stopped borrowing money in 2008-09.

Indeed, representatives of the website said that this statement was "misleading" and "could not be further from the truth".

They added that credit card debts continue to spiral upwards, rising from £53.3 billion in November 2008 to £56.5 billion in the same month last year. A total of £13 billion of credit card debt was also written off during this period.

"British households are more indebted than ever. The only reason that headline totals have fallen is because of banks writing off bad debts," a spokesperson for the website noted.

Sir Mervyn recently urged banks to give their employees bonuses that are proportionate with the current economic climate.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801275291-ADNFCR



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