Rural town residents could require debt management solutions
Rural town residents could require debt management solutions
Wednesday 29th April 2009
Since its arrival on the shores of the country a few months back, the credit crunch spread its wings across the nation and mutated quickly into a global financial crisis that has now morphed into one of the worst recessions in recent times.
The crisis has resulted in a decline in property values, throwing thousands into debt with negative equity and massive redundancies as companies either laid off staff or buckled under the pressure.
According to data from consumer website uSwitch.com, Swindon is the hardest hit area because over the last 12 months the town has been "hammered by a 16 per cent drop in house prices and soaring unemployment".
During this period, unemployment in the town has risen faster than any region in the country, with the number of people claiming job seekers allowance jumping by a staggering 197 per cent.
While Swindon suffers from unemployment, Luton residents may require debt help as a result of something else - decline in house values.
This area's housing market has received the biggest hit in the UK after recording a house value reduction of 19 per cent.
Other areas to suffer a similar fate include Rochdale, where houses have declined in value by 18.5 per cent, followed by Bristol with 18.4 per cent.
More people could find themselves in debt because the economy is going to shrink by 3.5 per cent this year, according to the government.
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