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Debt problems 'not caused by recklessness'

Debt problems 'not caused by recklessness'

- Wednesday, 21 July 2010

In a new survey by the Consumer Credit Counselling Service (CCCS) it was found that 83 per cent of people said debt problems had a negative impact on their lives.

However, the survey also revealed that recklessness was not the main cause for people getting into financial difficulty.
 

Delroy Corinaldi, external affairs director at CCCS, said that only 15 per cent of consumers had a debt problem because of overspending.


Almost half had a problem due to redundancy, illness, a relationship breakdown or having children, he added.
 

Mr Corinaldi said: "This busts the myth that recklessness with credit is the main cause of debt problems. Rather, it is life itself, over which we often have no control. Such people need sympathetic and practical support to guide them through this."

Of the 337 people surveyed, 46 per cent claimed that financial difficulty had caused ill-health through worry and 37 per cent stated that it had had an adverse impact on their relationships with their partners.

An expert from the Debt Advice Foundation, David Rodger, wants consumers to be educated about borrowing and saving to help consumers avoid getting into money trouble.
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