Middle classes seeking debt advice

The middle classes were left seeking debt solutions following the recession, new figures have revealed.

The stats from Experian show that the middle classes saw personal insolvencies – which include Individual Voluntary Arrangements – rise by nearly 40 per cent (38 per cent) in 2009.

By comparison, the working classes saw a rise of just 13 per cent over the same period.

Kevin Still, director of Atlantic Financial Management, commented, "As a leading debt solution provider, we have found that the profile of our clients has changed quite significantly through the recession, with a marked increase in the number of homeowners and people who used to be regarded as creditworthy."

Official figures show that 70 people are being declared insolvent every hour and experts warn that it will only get worse, as the lasting effects of the recession are still being felt.

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