Consumers urged to seek help with loans and credit card debts
Consumer debt in the UK has rose sharply over the last few years. It is estimated UK citizens now account for a combined debt of over 1.5 trillion pounds.
According to new research consumers are to embarrassed to seek help, in order to resolve their situation and in many cases people are not aware that help is actually available. The result of which is putting people who suffer from serious debt in a far worse situation as interest on loans and credit cards mount.
The citizen’s advice bureau recently announced that the number of people seeking help for debt matters has risen, although the number of IVA’s has decreased. This is thought to be due to banks and creditors in general refusing to accept the terms of an IVA proposal.
As a solution to the problem, the government has pledged funding of over 45 million in the next two years for face-to-face debt counselling from the likes of the Citizen’s Advice bureau and other agencies.
