Uswitch comments on Andrew Bailey’s interview in today’s Guardian about the looming debt crisis

Commenting on the call from the chief financial regulator, Andrew Bailey, Chief Executive of the Financial Conduct Authority, for government to tackle the looming debt crisis, Tom Lyon, money expert at Uswitch.com, says: “Over the past ten years households have increasingly found it difficult to stay on top of their finances, as sky rocketing bills contrasted by stagnant wages has left consumers struggling to make ends meet.

“Unsurprisingly, perhaps, many have turned to the cheap credit available – as a result of record low interest rates – to manage their finances. However, in recent months there has been a tightening of belts, as consumer spending has fallen, while debt levels continue to soar.

“If you are struggling to pay your bills it is worth checking if you can be paying less on a different deal – saving even a few pounds each week can make a huge difference over the year. If you are concerned about your level of debt and want help to get out of debt, speak to a debt charity like StepChange.”

FOR MORE INFORMATION

Rory Stoves

Phone: 020 3872 5613

Email: rory.stoves@uswitch.com

Twitter: @UswitchPR

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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.

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