Brits Struggling With Debt Repayments

Fri, 11 Sep 2009

Britons are finding it increasingly difficult to repay their debts during the current economic climate, according to the Consumer Credit Counselling Service (CCCS ).

The UK’s leading debt charity claims that despite recent figures showing a £600m fall in consumer borrowing in July, many people are still struggling to address their debts as a result of unemployment or reduced income.

Frances Walker, a spokesperson for the CCCS, said: "It is good news that people are repaying their debt but the problem we are finding is that people, who are over indebted, are having more difficulty paying their debt back."

"People's debt problems are more complicated now than they were a few years ago because they often have mortgage arrears and have experienced a drop in income."

The Citizens Advice Bureau recently reported that the number of people across Britain seeking debt advice had risen by around 30 per cent over the past year, with an estimated six million calls relating to either monetary or employment issues.

A recent report from the Trades Union Congress revealed that people on lower wages have been most significantly hit by the recession.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.