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Thursday, June 12, 2014

More people in debt

The Money Advice has reported a 140% rise in those experiencing debt.

The type of debt problems they are dealing with are increasingly concerning energy, water, telephone, council tax and catalogue shopping bills. The charity are reporting fewer problems with traditional credit products such as bank overdrafts, loans and credit cards.

"The gradual erosion of some families' surplus income in the face of rising prices has led to a new generation of debt problems – one to which more people are vulnerable, one which is harder to resolve and one which has no definitive solution," said Joanna Elson, the trust's chief executive.

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