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Key Takeaways
Household budgets remain severely strained, with 40% of National Debtline clients experiencing a negative budget.
The rise in debts owed on essential household bills is notable, particularly in energy and council tax arrears.
Energy debt has surged significantly, now totaling £3.8 billion—an increase of nearly £2 billion in two years.
For small businesses, average business debt has increased from just over £20,000 to nearly £50,000 over four years, primarily influenced by bounce-back loans from the pandemic.
Clients consistently delay seeking assistance, often waiting over a year or more before reaching out for debt advice.
There is a growing acknowledgment of the difficulties facing both households and small businesses, leading to increased calls for support.
Positive developments in 2024 include proposals for a dedicated energy debt repayment scheme from OFGEM.
Key regulatory reviews and proposals, including the FCA's update on v...
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