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Britons 'need debt management help'

Britons 'need debt management help'

- Monday, 2 March 2009

More Britons are facing a need for debt management advice as the recession takes a hold of their personal finances.

The Citizens Advice Bureau (CAB) reveals that more than half of its clients in 2008 were in arrears on four 'priority debts' or more.

Such deficits include money owed on rent or mortgages, council tax and utility bills.

And, as the recession worsens, a spokesperson warns that the need for debt management advice may increase.

"The recession, coming on top of easy credit and sometimes irresponsible lending, has compounded a lot of debt problems," she says.

Britons who are feeling the "income shock" of reduced working hours or redundancy could be particularly at risk.

Debt management help could be particularly important for consumers who have no savings pot to call upon in times of need.

The CAB reports that 30 per cent of homeowners are now spending more than half of their income servicing essential outgoings, leaving less to contribute towards savings or repaying debts.
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