The number of people seeking debt advice has soared
The number of people seeking debt advice has soared according to the Citizens Advice Bureau (CAB). The CAB said 1.7 million people sought debt advice in 2006, up 20 per cent on 2005.
40 per cent of enquiries were from people struggling with credit card and unsecured personal loan repayments. However, there was also a rise in the number of people finding it difficult to pay mobile phone bills.
David Harker, CAB’s chief executive said “These figures are worrying evidence that while many have enjoyed the benefits of the credit boom, a large and growing number of people continue to pay the price,”
Chiltern’s Simon Duffy says “The last decade has seen the ‘buy now pay later’ credit card and loan dependent culture develop.”
“Poor financial education and management is resulting in more and more people now realising they are overcommitted and unable to maintain contractual repayments to their creditors.”
“Personal debt problems on this scale are unprecedented in the UK; people should seek professional advice if they are struggling financially. Getting good advice sooner rather than later is essential if people want to have a choice about the right solution for their circumstances.”
For more information on debt management help, visit Chiltern.uk.com today.