Monday 16th of March 2009
Debt management issues are causing increasing concern for many people in the UK, it has been found.
Citizens Advice bureaux in Leeds have recorded a surge in enquiries in recent times, as the amount owed by consumers adds up, the Yorkshire Evening Post reports.
The average person seeking help was found to be £18,800 in debt - a figure two-and-a-half times their income.
And with the typical client owing money to between five and seven different creditors, some may choose to enter into an individual voluntary arrangement in order to cope with the debt.
Chief executive of Citizens Advice in Leeds Dianne Lyons told the news source that the mounting problem has led to its target of doubling opening hours by the end of the year, while the number of volunteers working at drop-in centres has recently been increased.
Debt Relief Orders will be introduced in the UK next month, with the aim of helping people who have become insolvent and owe less than £15,000.
- 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
- Bank of England measures 'may stimulate lending'
