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Debt Articles

• Britain’s Elderly More at Risk of Debt Problems through Inflation
• Millions of Brits Admit to Neglecting Their Finances
• Fall in Personal Insolvencies in England and Wales for First Quarter of 2011
• Debt Problems Mean Millions of Middle-Income Brits Can’t Afford a Summer Holiday
• Signs of Compulsive Debting
• Coping With Debt
• Debt Collection Vs Debt Management
• Males are Less Likely to Seek Help with Debt
• Bankruptcy Is On The Rise For The Middle Class
• How To Settle an IVA
• People should start saving for retirement asap to avoid debt
• Student Fees Could Increase Debt
• Wrong Mobile Phone tariff could be wasting money
• Household Debt Causing People to Dip Into Savings
• Brits Avoid Summer Holidays Due to Debt
• Increases in Debt for UK Families

Debt Problems Mean Millions of Middle-Income Brits Can’t Afford a Summer Holiday

Around one in three middle-income families in Britain will not be able to afford to go on a summer holiday this year.

This is according to the latest figures released by the Department of Work and Pensions (DWP), which claim that the steady rise in the cost of living, coupled with debt management concerns, mean that at least a third of British middle-income families will be unable to take a week’s holiday together in 2011.

The figures were compiled as part of the DWP’s annual survey of UK families and how they are affected by poverty, which surveys around 25,000 homes across the country in order to gather its data.

Since 2006, the number of middle-class families who are unable to afford a family holiday has risen by over a quarter. Furthermore, escalating debt struggles are also being felt by the higher earners, with one in 14 of Britain’s wealthiest families claiming that they don’t have enough money for a week’s holiday.

Although family spending on holidays and vacations has decreased, the DWP survey also found that UK families are prioritising their spending to cover their children’s needs. Since before the recession started in 2006, families have maintained their spending on things like birthday parties, sports equipment and school trips.

Work and Pensions Secretary Iain Duncan Smith said that lower and middle income families were suffering financially as a result of escalating benefits costs under the previous government.

Speaking about these latest figures, he said: “The last government hammered the middle classes and left us with a vast deficit and income inequality at historic levels. Middle Britain found itself footing a sky-rocketing benefits bill under Labour.”