New figures have revealed that the number of middle class Brits sinking into debt has more than doubled in the last six months. Transact coordinates debt advice centres across the country and has found a consistent pattern of debt problems, even in affluent areas. There has been a rise in the number of people owing large sums, with some borrowers more than £100,000 in debt on credit card repayments and loans . In addition to over borrowing, the increased debt levels are being blamed on the rise in unemployment and the impact of the recession.
In St Ives, Cambridgeshire, the average debt of those seeking help has risen from £50,000 to £70,000, whilst the volume of business experienced in areas Surrey and Hampshire has more than doubled, whilst one debt advice charity in Congleton in Cheshire has seen an increase of 130 per cent. Even in Northampton, where client numbers have jumped by 30 per cent, a waiting list of more than six weeks has formed.
Transact warned that some middle class clients reveal they were aware of their problems well before they contacted their local debt advice centre. Indeed, it is believed that middle class borrowers are more likely to wait to consult help as they seek to keep up appearances.
Middle Class Debt on the Rise
Wed, 13 May 2009
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