September 11, 2007

UK worries about debt

It is a sign of the times that the citizen’s advice centres across England and Wales have seen their phones ringing twenty per cent more in 2006 than the year before, with the total amount of calls reaching 1.7 million.

Forty per cent of the calls were concerning credit cards and loans that are secured on property, while calls that were to do with bankruptcy have risen by over fifty per cent.

This should indicate to everyone concerned within the industry that there could be trouble ahead; this is not a small amount of people who are seeking help and advice regarding their financial situation. There are also those people who will not ask for help too, so the true figure of people in some sort of financial difficulty is actually much higher that just those who are calling up the citizen advice centres.

Source [Reuters]