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Loan charges: Poorer households now hit hardest by recession

Loan charges and other costs are hitting poor people even more now that benefit cuts are beginning to weigh on household finances.

The recession hit richer households hardest in the wake of the financial crisis, but the situation is evening out as poorer families are drawn into the net, according to new research.

While well-off people were impacted by falls in real income, it is now the less affluent who are suffering as benefit cuts take hold, says the Institute of Fiscal Studies (IFS).

Those on middle and higher incomes felt the recession bite between 2009 and 2012 because real earnings fell sharply. 

But for those on lower incomes, who are more dependent on income from the state, falls in real income will happen largely due to welfare cuts that began after the initial recession and will continue up to and beyond 2015/16, says the IFS.

"Falls in income look set to be spread quite evenly across income groups," the report authors explain.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801595170-ADNFCR

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