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Loan claims: Recession 'never went away for public'

Bank charges, escalating credit card expenses and difficulties making a loan claim have meant many British households have been unable to experience the UK's previous economic recovery.

This is according to Money Advice Trust chief executive Joanna Elson OBE, who said: "Whilst the technical recession might have only just returned, unfortunately the people's recession never really went away."

Recent data from the Office for National Statistics revealed the UK's gross domestic product fell by 0.2 per cent in the first three months of 2012, heralding the second consecutive quarter to have realised a fiscal contraction.

Ms Elson predicted 1.7 million members of the public will look for debt advice from groups such as the National Debtline and Citizens Advice this year, compared with 1.46 million during 2011.

It is becoming more costly to buy food, fill a vehicle with petrol or use the central heating, she pointed out.

Furthermore, inflation has surpassed earning growth and unemployment is increasing, the specialist declared.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801348784-ADNFCR

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