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'Record number' need debt management advice

'Record number' need debt management advice

- Thursday, 28 May 2009

The number of people asking for debt management advice has hit a new high, according to a charity representative.

Chris Tapp of Credit Action told the Birmingham Post that increasing levels of job loss expected during the rest of this year mean that "we will continue to see record number of people continuing to seek help for their debts".

According to him, the average Briton is about £9,500 in debt, excluding mortgages.

Sukhy Singh of the Birmingham Citizens Advice Bureau's debt unit also said that rising unemployment was causing an increase in inquiries about debt management.

He also observed that professional people who are facing unemployment after a long spell of being in work are increasingly seeking help.

Credit Action's figures also show that one person in the UK was declared insolvent or bankrupt every 4.8 minutes in January.

Last month, it was estimated that one person in 33 will become unemployed this year while a property was repossessed every ten minutes.

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