THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Debt charity warns of widespread debt problems among retail staff

As the British Retail Consortium predicts that the rise in VAT to 20 percent will lead to the loss of retail jobs, a leading debt charity is warning of widespread debt problems among those working in the retail sector.

GENERAL MERCHANDISE

Debt charity warns of widespread debt problems among retail staff

As the British Retail Consortium predicts that the rise in VAT to 20 percent will lead to the loss of retail jobs, a leading debt charity is warning of widespread debt problems among those working in the retail sector.

Consumer Credit Counselling Service (CCCS) says that mass job losses in the retail sector will leave many without the ability to repay their debts. CCCS says that this could lead to an explosion of personal insolvency in the retail profession.

The charity says that those on low incomes, the category which many working in retail fall into, are most likely to struggle to repay their debt. Households with net incomes of less than £20,000 make up the bulk of those seeking help from CCCS with many finding themselves trapped in a budget deficit, spending, on average, over £100 more than they earn each month. CCCS says that mass job losses will exacerbate debt problems among retail staff.

Delroy Corinaldi, external affairs director at CCCS says: “Mass job losses in any sector are worrying but particularly so in a sector where the average wage is quite low.

“Those on low incomes are likely to be already struggling to make ends meet and maintain their debt commitments so any reduction in income could push them into insolvency.

“I would urge anyone working in the retail sector who is worried about their debts to seek help now as the sooner they get help the more can be done to deal with their situation.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process