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Millions facing debt problems
The Citizens Advice Bureau (CAB) has published statistics showing that it dealt with more than three million individual debt problems during the recession.
Between April 2008 and September 2009, the bureau also dealt with 844,000 employment problems and more than two and half million benefit issues.
Figures from the group also show that problems with debt and benefits have risen at an annual rate of 21 per cent, with the number of employment problems rising at 17 per cent over the year.
Due to this continued rise, the CAB has joined with Barclays Bank to distribute information on managing finances in an effort to stem the traditional increase in debt problems after the Christmas period.
David Harker, chief executive of the bureau, said that the "new statistics show how many people are struggling as a result of losing their job or a reduction in pay or hours, leading to difficulties managing loan repayments".
He added: "Citizens Advice Bureaux across the country are seeing increasing numbers of people seeking help, with benefits and debt enquiries alone up over a fifth in the last year. Extra funding has meant bureaux have seen more clients, but for many the impact of the recession will be felt for a long time to come."
The CAB's information packs include advice such as not overly relying on overdrafts, to be organised about any loans or payments that are needed and to not forget to allocate funds for everyday bills and expenses.
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Between April 2008 and September 2009, the bureau also dealt with 844,000 employment problems and more than two and half million benefit issues.
Figures from the group also show that problems with debt and benefits have risen at an annual rate of 21 per cent, with the number of employment problems rising at 17 per cent over the year.
Due to this continued rise, the CAB has joined with Barclays Bank to distribute information on managing finances in an effort to stem the traditional increase in debt problems after the Christmas period.
David Harker, chief executive of the bureau, said that the "new statistics show how many people are struggling as a result of losing their job or a reduction in pay or hours, leading to difficulties managing loan repayments".
He added: "Citizens Advice Bureaux across the country are seeing increasing numbers of people seeking help, with benefits and debt enquiries alone up over a fifth in the last year. Extra funding has meant bureaux have seen more clients, but for many the impact of the recession will be felt for a long time to come."
The CAB's information packs include advice such as not overly relying on overdrafts, to be organised about any loans or payments that are needed and to not forget to allocate funds for everyday bills and expenses.
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Published: 02/12/2009
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.