The Government must take urgent action to help hard-pressed households deal with debt, MPs have warned.
A report from the Commons Treasury Select Committee also calls on ministers to act now to tackle a looming crisis caused by 12million people not saving enough into pensions.
It comes after figures from the Money Charity revealed Britains personal debt mountain which includes mortgages – hit £1.58trillion in May – up from £1.54trillion a year ago.
The average amount of debt per adult is now £30,670, or around 113.8% of average earnings. That’s £900 more per person than this time last year.
Todays Treasury Committee report says too many families have too much debt and dont have any rainy-day funds.
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