Affluent Brits Struggling With Debt Problems

Thu, 14 May 2009

Britain’s wealthier residents are increasingly struggling to cope with their personal debt, new research has revealed.

According to a study carried out by debt advice centre co-ordinator Transact, residents of the UK’s traditionally affluent areas such as Chertsey in Surrey and Hook in Hampshire have seen enormous rises in demand for debt advice .

The worst case was the town of Congleton in Cheshire, where the study found requests for debt help have rocketed by a staggering 130 per cent in the past year.

While the findings suggest that more and more Brits are falling into debt, they also show that individuals are making more of an effort to solve their current financial difficulties .

John Franks, a spokesman for Transact member Community Money Advice, warned that the country's problem with personal debt is likely to get worse, with more people struggling to pay off debts "over the year to come".

"We are seeing a higher percentage of middle and higher income clients who are struggling because of redundancy or the inability to manage their mortgage repayments, often alongside multiple credit card debts," he added.
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