Survey reveals Manchester is debt blackspot

| February 6, 2008 | 0 Comments
”Survey

Manchester has been branded a debt blackspot according to a survey by Experian, Europe’s biggest credit reference agency.

The survey ranked areas of the UK using information on mortgages, credit and store cards, personal loans and payment behaviour. It also took into account information on previous bad debt, such as county court judgments.

The city, renowned for rock band Oasis and TV drama Shameless, had the highest percentage of households in financial stress.

It came ahead of Glasgow and Nottingham, with 28.7% of households suffering high or very high levels of financial concern.

Liverpool was also listed as a debt blackspot, as well as Hull, Middlesbrough and the London boroughs of Southwark and Tower Hamlets.

The survey was compiled for ITV1 programme Repossession, Repossession, Repossession. The documentary investigates how and why so many Britons got hooked on spending cash they didn’t have and examines the consequences.

Part of the programme was filmed at Manchester’s Citizens Advice Bureau. Marsha Healy, debt service manager, said debt has overtaken welfare as the biggest single area of enquiry. The pressure on our service is enormous.

The survey follows concerns about household finances being hit as bills and taxes increase faster than earnings. Approximately 10% of adults are spending more than they earn each month.

Accountancy firm Grant Thornton estimates that 28,000 people will declare themselves insolvent in the first quarter of 2008.

The programme called, Repossession, Repossession, Repossession can be seen on ITV1 tonight at 10.35pm.

The report comes after estate agents Savills tipped Manchester as a property hotspot with potential for first-time buyers to get a foot on the property ladder.


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