IT and telecoms workers wrestling with debt


IT and telecoms workers wrestling with debt

Arif Mohamed

A fifth of IT and telecoms workers are in serious debt, with unsecured debts of at least £10,000, according to research by debt solutions consultancy Thomas Charles.

Of those, 15% report regular debt repayment problems, and 14% report some likelihood of declaring themselves bankrupt or taking out an Individual Voluntary Arrangement (IVA).

The research was conducted in October with 2,322 respondents.

Thomas Charles said a total of 8.4 million adults across the UK have unsecured debts of over £10,000, with 2.5 million struggling to meet repayments, and 1.4 million on the brink of insolvency.

James Falla, director of Thomas Charles, said, “Debt is a UK wide problem, but the impact on the individual, and on the industries in which they work, can often go unnoticed.”

“Thomas Charles has released this research in the hope that it will inspire individuals to take action to deal with their debts, and encourage employers in the IT and telecoms industry to provide support and information for those employees in financial trouble,” he added.

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