| All News | Archived News |
Debt worries as recession confirmed
23 January 2009
Today’s official figures from the Office for National Statistics (ONS) have confirmed that Britain is in recession.
A recession is considered ‘official’ when GDP (Gross Domestic Product – a measure of economic productivity) declines for two consecutive quarters. So the figures for the fourth quarter of 2008 have been eagerly awaited, after the third quarter had shown a 0.6% drop in GDP.
This morning, ONS figures confirmed that the economy had indeed shrunk – by a full 1.5% – during the final three months of 2008.
“With personal debt standing at around £1.5 trillion,” said a debt management expert for Gregory Pennington, “many people are ill prepared for this kind of economic slowdown. Any household whose income is already stretched will find it extremely hard to cope with a reduction in income – and given the impact of today’s economic problems on the unemployment figures, this may be a very real worry for a large part of the population.”
---
Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.
Speak to an expert today
Call freephone: 0800 161 3516
Registered in England and Wales