Tuesday 12th of May 2009
Debt worries are increasingly beginning to affect people in traditionally affluent areas, it has been observed.
According to the Daily Mail, financial worries prompted by the recession are no longer the preserve of people on low incomes, as a growing number of middle-class Britons are struggling to repay loans and credit cards.
The publication noted that one charity in Cheshire has seen financial enquiries rise by 130 per cent in the last six months, while the average debt of someone seeking help in St Ives, Cambridgeshire has risen from £50,000 to £70,000.
Those who find that they are unable to cope with their levels of debt may wish to seek advice on IVAs, as solutions are available to help borrowers avoid bankruptcy by establishing affordable repayment plans.
Last week, head of personal finance at fool.co.uk David Kuo warned consumers to resist the temptation to shift their debts on to credit cards, as this could see the amount owed continue to rise.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- An IVA could keep your kids in your family home
