Number of Britons seeking debt advice soars by 179%, figures show
Number of Britons seeking debt advice soars by 179%, figures show
Friday 12th June 2009
While a number of recent reports have suggested that the worst could be over for the UK economy, the Citizens Advice Bureau (CAB) has warned that for millions of people, money worries are getting worse by the day, with many having no choice but to turn to others for debt advice.
Indeed, according to the organisation, it has seen a 179 per cent increase in enquiries from consumers worried about debts or unemployment over the past year alone, alongside a 49 per cent rise in people seeking out advice over their mortgage or secured loan problems.
Furthermore, it is now estimated that the typical debt advice client is now around £16,970 in the red, an amount it would take them 93 years to pay off at a comfortable rate.
Commenting on the figures, Chris Tapp, director of the charity Credit Action, advised that money worries are a very real problem to millions of Britons and this trend is not down to people becoming financially paranoid.
"The downturn in the economy has led to a rise in the number of people who have seen a downturn in their own individual personal finances [and] therefore they are struggling to get by day to day," he said.
"This is why more people are getting to breaking point where they need to pick up the phone and talk to somebody about it."
At present, around 2,200 Consumer County Court Judgments (CCJs) are issued across the UK every day.
News article brought to you by Debt1. UK debt management specialists.
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