People should not be complacent about debt

Mon, 07 Nov 2011

Individuals in the UK should aim to reduce complacency when it comes to dealing with debt issues, it has been suggested.

National debt charity the Consumer Credit Counselling Service (CCCS) has warned increasing numbers could fall into monetary trouble in the coming months because many families remain financially vulnerable.

The organisation was speaking as research carried out by the Financial Inclusion Centre on behalf of the CCCS showed 6.2 million households in the UK are currently classed as such.

Delroy Corinaldi, director of external affairs at the group - which has been helping those in arrears since 1993 and assists more than 500,000 people every year with their money troubles - observed high inflation, wage freezes and redundancies are increasing debt fears for many.

The industry figure stated: "There are millions of people teetering on the brink financially, whose household budgets are getting harder to manage every month."

He went on to point out individual insolvencies could begin to rise across the next 12 months, suggesting those who are finding it difficult to make ends meet seek assistance sooner rather than later.
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