Wednesday 3rd of June 2009
Consumers are experiencing increasingly complex financial difficulties as a result of the recession, it has been observed.
According to the Halifax Evening Courier, the Calderdale branch of Samaritans has seen the number of people contacting it rise to its highest-ever point.
But director Hilary Fielding noted that it is the length of the calls that is most striking, as people are "anxious and despairing".
The development could mean that more borrowers need to turn to solutions to help them stay on top of their debt, with an individual voluntary arrangement (IVA) one way that this could be achieved.
Ms Fielding explained that job losses are one of the main concerns that people have, as they fear they will be unable to repay what they owe if they are made redundant.
Debt Lifeboat recently found that students are increasingly worried about their financial prospects, with one-fifth expecting to enter bankruptcy or need IVA help.
- 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
- IVAs may help those stuck in a vicious cycle of borrowing
