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Increasing numbers of men seeking debt help

Increasing numbers of men seeking debt help

- Monday, 7 June 2010

Men have been hardest hit by the recession and more are seeking debt advice, claims a debt charity.

According to the Consumer Credit Counselling Service (CCCS), a combination of rising levels of unemployment, household expenditure and a slower rate of salary increases has led to growth in the number of men seeking debt help.

Men tend to earn more than women and their debt levels are decreasing, the charity notes, but they also seem to be less able to stay out of the red.

Malcolm Hurlston, chairman of CCCS, said: "Men have been hard hit by the recession and are emerging as the new underclass. Debt alone is no longer the problem; it is loss of income and other rising costs.

"This deterioration in the economic circumstances for men, still the main breadwinner in most homes, has serious implications for many households."

Average debt levels among men in the red dropped from £30,000 in 2007 and 8 to £26,957 in 2009. Just under half, 48 per cent, blame a reduction in their incomes caused by redundancy or unemployment, for their debt problems.

Between February 2009 and May 2010 the Citizens Advice Bureau helped an additional 50,000 consumers struggling to cope with their finances as it extended its opening hours.ADNFCR-2300-ID-19821142-ADNFCR
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