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Debt at an all time high
Friday, 23 May 2008
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Latest figures show that debt enquiries to the Citizens Advice Bureaux have hit a all time high, increasing by 20% in the last year and bringing the total to 1.7 million in 2006/07. The number of debt problems brought to the bureaux has doubled in the last 10 years.

 

as a charity Citizens Advice says the figures confirm there is no let-up in the rising toll of casualties from an unprecedented consumer credit boom and recent sharp increases in the cost of living, making mortgages, council tax and utilities more expensive for many people.

 

Debt is now the number one issue advised on in the bureaux, accounting for one in three of all enquiries, and their advisers around the country are dealing with over 6,600 debt problems every working day.

 

The new figures are published during Advice Week when the focusi s on raising much needed funds and recruiting the 5,000 new volunteers needed every year by Citizens Advice Bureaux.

 

Credit card debt and problems with unsecured loans dominated, accounting for 40% of the bereaux's debt caseload. One in four of all debt enquiries concerned credit and store cards. Consumer credit debt problems of all kinds increased by 14%, while problems with overdrafts and unsecured personal loans increased by more than 18%. Enquiries about bankruptcy jumped by 50%.

 

But the figures also indicate that many hundreds of thousands of people are increasingly struggling to meet their day-to-day living expenses. Gas and electricity debt problems shot up by a third (33%), while council tax debt enquiries went up 25% and telephone debt problems by 19%. Problems with mortgages and secured loans were up 11%.

 

Please remember, if you are struggling with debt , and need help or guidance, our simple contact form can put you in touch with highly trained debt managers.

 

 
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