The government needs to step in to help tackle the mountain of debt being racked up by the most vulnerable consumers in Britain, the chief financial regulator has warned, as new data shows that personal debt burdens are continuing to rise.
New figures seen by the Guardian showed the worsening consequences of Britains borrowing binge.
The debt charity StepChange, which has also released fresh data, said the percentage of its clients falling behind on payments has leaped from 39.6% to 49.3% in the first half of 2017, while the average debt of the people it helps has also risen, from £14,251 in 2016 to £14,367 in the first half of the year.
Andrew Bailey, chief executive of the Financial Conduct Authority, told the Guardian at the …
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