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Around two million people could need debt advice in 2011

Around two million people could need debt advice in 2011

- Tuesday, 14 December 2010

At least two million Brits could need debt advice next year if unemployment increases by just two per cent, a new report has found.

Economists at the University of Nottingham researched the report by using data from the Office of National Statistics Wealth and Assets survey and figures from debt advice charities.

It was found that 1.4 million people sought debt advice this year and this may increase to two million next year.

Joanna Olson OBE, chief executive of the Money Advice Trust, said: "The last few years have required debt advice charities like ours to bring about a step change in our capacity, not just to help people out of their immediate debt problems, but also to help them back into financial health with longer term planning."

It was also found that one in six people with debt problems do not seek advice.

According to R3, four million Brits were worried about being made redundant in the third quarter of the year, which was a 50 per cent increase on the previous three months.
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