New Year - new debt problems
04/01/20112011 will see a rise in consumers seeking debt help as public sector cuts and redundancies force debt problems upon thousands.
Spokesperson for the UK Insolvency Helpline debt advice Service, Ian Boden-Smyth says that debt problems typically rise in January, following Christmas spending.
He thinks the busiest time for consulting on debt problems comes in January when credit card bills arrive.
He says: "This year it will be one of the busiest quarters we have seen in many years."
He added that high levels of redundancies will mean more bankruptcies and a growing number of people taking out an IVA.
Kevin Still, Director of Atlantic Financial Management says: "With energy costs also rising and VAT increasing to 20% there will not be a lot of respite on the household expenditure side, which will reduce the level of disposable income to target tackling debt problems. Taking debt advice if you are financially struggling makes sense." 
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