A report published by the Trades Union Congress (TUC) has revealed that UK household debt has ‘reached new highs’.
The report revealed that unsecured debt per household rose to £15,385 during the third quarter of 2018 – representing a rise of £886 when compared to a year earlier.
Meanwhile, total unsecured debt rose to £428 billion in the third quarter of last year, according to the report.
The TUC said that government austerity and ‘years of wage stagnation’ are the key factors behind the increase in unsecured household debt.
Commenting on the findings, Frances O’Grady, General Secretary of the TUC, said: ‘Household debt is at crisis level. Years of austerity and wage stagnation has pushed millions of families deep into the red.
‘Our economy is not working for workers. They need stronger rights and bargaining powers. Trade unions should be allowed the freedom to enter every workplace to negotiate higher wages.’