You are here: Home - Uncategorized -

More people needing advice as debts soar

Written by:

The Consumer Credit Counselling Service (CCCS) has recorded a 65% increase in clients over the past year, with higher bills quoted as the main reason for more people seeking advice on their indebtedness.

Citizens Advice, the free consumer advice group, also saw a 15% hike in 2006 over the previous year in the number of people requiring help on personal debts. “The combination of people experiencing increases in fuel bills, and rising housing costs, puts added pressure on finances that were already stretched,” said Teresa Perchard, CAB director of policy.

The most marked increase in those seeking help is amongst men over 60, clients who owe on average £36,940 – the largest amount of any group. The ratio of debt to income for these men is 36:1.

When women are factored in, the age group with the biggest overall debt problem is the 40-59 range.

The CCS has also seen a marked rise in the number of clients from Yorkshire, people who normally enjoy a parsimonious reputation, and notes that indebtedness is a truly national problem that undermines whole communities.

The total amount of personal debt in the UK rose 9% in 2006 to £213bn.

Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Boom in buy to let mortgages

Buy to let mortgages, which allow investors to buy property to rent out privately, have experienced massive growth, with the...