Enquiries about debt at record high
by Kay Murchie
Figures published by The Citizens Advice Bureaux (CAB) have shown that enquiries about debt in England and Wales have reached an all-time high.
In the past 12 months, the CAB reported a 20% growth in debt enquiries bringing the total number to 1.7 million – twice the level of that a decade ago. For the CAB this means that consumers’ concerns over debt are prompting 1 in 3 enquiries, with problems with unsecured loans and credit card debt totalling 40% of the CAB’s debt caseload.
The majority approaching the CAB with debt problems are struggling to meet day-to-day living expenses. In the last 12 months, problems relating to electricity and gas bills have increased by over 30%, telephone debt problems have risen by 19% and council tax debt enquiries have risen 25%. Those with mortgage arrears and payments on secured loans increased 11%.
A spokesperson for the CAB said that these figures are worrying evidence and that in spite of many benefiting from the credit boom, an increasing amount continues to pay the price.
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