OECD: household debt more than 120% of disposable income
According to the OECD`s (Organisation for Economic Co-operation and Development`s) Factbook 2010 – `an annual digest of economic, social and environmental statistics` – household debt exceeded 120% of disposable income by the time the financial crisis hit in 2008, headlinemoney.co.uk reports.
This wasn`t just in Britain, though; household debt had passed this level in Canada, the US and Japan too.
The latest edition of the OECD`s Factbook is said to take a `special look at the causes and consequences of the crisis`.
A spokesperson for Debt Advisers Direct commented: “The OECD`s findings indicate just how serious things were as household debt increased in the run-up to the economic crisis.
“The UK may be out of recession now, but the problems certainly aren`t over, and many people are still struggling with their debts.
“We would advise anyone finding their debts difficult to manage to speak to a professional debt adviser without delay.”
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