More Borrowers Now Looking For Debt Advice
Things are starting to become quite tough in the UK economy at the moment, due to the global economic slow down and the effects of the credit crunch making themselves felt across the UK population as a whole.
With banks and building societies severely restricting the amount of new personal loans they are prepared to offer and unemployment and job worries on the increase, many individuals are becoming concerned over being able to continue to meet the repayments on their mortgages and other debts, such as personal loans and credit cards.
The latest figures to be released by the debt charity National Debtline, have revealed that there has been a dramatic increase in the number of people seeking advice with regard to their personal loans and credit card debts over the course of the past few months.
The charity has said their helpline received a total of 23,000 calls in November last year, which is an increase of 40 per cent on the same period for the previous year, when they only received 16,000. Of these increased calls, more than 30 per cent were related to borrowers who had fallen into arrears on their mortgage or secured loan and there are fears that these numbers look set to continue to rise as the current recession in the UK worsens.
The Government have advised anybody facing financial difficulty to take advice from a professional organisation sooner rather than later. The minister for consumer affairs said “It is imperative that when people are struggling with debt, they seek assistance as soon as possible. There are a wide range of organisations who provide expert advice and can really make a difference when it comes to resolving debt problems.”
