Men 'hit hardest by recession'
By myfinances.co.uk staff
Men have been hit hardest by the recession and over the past three years, a combination of higher unemployment, slowing income growth and rising household expenditure has led to a "massive increase" in the number seeking debt advice, a charity has claimed.
Figures compiled by the Consumer Credit Counselling Service (CCCS) show that since 2007, the number of men contacting the body has risen by 51%.
Of these, 48.05% said their debt was caused by a reduction in income, including being made unemployed.
Despite the average level of debt for a man dropping from £30,000 in 2007 to £26,957 last year, higher living costs are making it harder for them to meet their obligations, with the average male CCCS client having a spending deficit of £42 in 2009.
"Debt alone is no longer the problem; it is loss of income and other rising costs," said the charity's chairman Malcolm Hurlston.
"This deterioration in the economic circumstances for men, still the main breadwinner in most homes, has serious implications for many households."
According to Credit Action, the average debt for a UK adult including mortgage repayments stood at £30,228 in April.
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