Household wealth ‘set for slow improvement’

UK households will only see their wealth rise gradually in the coming months, it has been predicted.

Although the country may be about to exit recession, lagging factors like rising unemployment may continue to impact well into 2010, director of Credit Action Chris Tapp said.

“Those type of employment issues are a real source of debt problems because they impact on people’s income so heavily,” he noted.

Even when the economy is doing much better there will still be many people suffering debt problems, he added.

People faced with debt may find a consolidation loan is the best way to lower their monthly outgoings.

A poll by Reuters has found a widespread expectation by economists that the official recession will end when the next quarterly figures for gross domestic product emerge at the end of this month.

The median estimate of the 35 experts polled was for a 0.3 per cent growth rate.

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