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More people 'will seek debt advice over the year'
The number of people who will look for debt advice over the next year or two is likely to increase, as more consumers take out loans and use their credit cards.
This is the opinion of Una Farrell, spokeswoman of Consumer Credit Counselling Service (CCCS), who stated that more members of the public are seeking payday loans.
She predicted that as a result of this, there is going to be increased demand for debt advice as they struggle to reimburse these funds.
"[This is] because they are so expensive for someone who could be managing several [loans]," Ms Farrell stated.
She noted that these people are likely to be on low incomes, which is why they require the extra finance, and they might not be able to keep on top of repayments and interest charges.
"[These] could increase pretty rapidly," said the CCCS representative, leaving people in a "very difficult situation".
Last week, Credit Action revealed that the average household debt is £55,822 including mortgages, and the Citizens Advice Bureau typically handles 8,910 new debt problems every day.
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This is the opinion of Una Farrell, spokeswoman of Consumer Credit Counselling Service (CCCS), who stated that more members of the public are seeking payday loans.
She predicted that as a result of this, there is going to be increased demand for debt advice as they struggle to reimburse these funds.
"[This is] because they are so expensive for someone who could be managing several [loans]," Ms Farrell stated.
She noted that these people are likely to be on low incomes, which is why they require the extra finance, and they might not be able to keep on top of repayments and interest charges.
"[These] could increase pretty rapidly," said the CCCS representative, leaving people in a "very difficult situation".
Last week, Credit Action revealed that the average household debt is £55,822 including mortgages, and the Citizens Advice Bureau typically handles 8,910 new debt problems every day.
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Published: 07/10/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.