Debt advice round-up

Most of the news this week has been about the Queen’s Speech, as the government outlined its plans to help Britain alleviate its debt problems.

There are fears that the swathing £6bn cuts could add at least 50,000 to the unemployment figures.

Kevin Still of Atlantic Financial Management comments: "The new coalition is not wasting time in making its intentions known and this could have a serious impact on many public sector workers."

The cuts have also claimed Child Trust Funds, which will mean more people will need to seek debt advice if they want to fund putting their children through university.

The tax rises have caused worries for some campaigners too. Imran Hussain of the Child Poverty Action Group has pleaded for “fair taxes and a welfare system that supports families properly,” otherwise they could end up seeking debt solutions.

In other news, people owing money have been advised that they would be better off seeking professional debt advice, rather than go to loan sharks. Kevin Still fears that people paying for high interest loans will just end up in a debt spiral.

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