Manchester accountants face top-three levels of household debt

Published on November 28, 2013 by Crawfords Accounting

Manchester accountants face the challenge of helping the region’s households deal with almost unmatched levels of debt, according to a report from the government-supported Money Advice Service.

The report lists the top five areas of over-indebtedness in the UK, all of which have more than two fifths of their local adult population struggling with their finances.

Manchester ranks third on 41.1%, only narrowly behind Nottingham on 41.2%, while Hull, recently named as a future City of Culture, tops the table with 43.1% of its adult population in debt.

The breakdown of affected households may surprise some, as it is by no means limited to those on benefits or looking for work.

One in eight Britons living in debt are classified as ‘optimistic young workers’, while almost a tenth fall into each of the categories ‘first-time workers’ and ‘low-wage families’.

Retirees and students also add to the list, along with families who are simply struggling to cover the cost of raising a child.

Manchester accountants are on hand to advise anybody affected either by debt, or by worries about falling into the red due to excessive outgoings – and prompt action could help many to remain in the black for longer.

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