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Public debt problems 'start now'

31/01/2011

The British public could well seek debt solutions in their droves in this year, as it becomes apparent debt problems are only just beginning to make their real impact.

Debt charity Money Advice Trust is warning consumers the real recession for the public starts now.

The organisation says 13 per cent of people made redundant in the last three years now have unmanageable debt problems.

Rises in unemployment and the cost of credit will also lead to a record number of people seeking debt advice.

The body is urging people who feel their debt reasons may be increasing, to seek debt help right away.

Chief Executive of the organisation, Joanna Elson, says the unemployment figures from last week present another marker in a long stream of signs pointing to a difficult 2011 for thousands of people.

She went on to explain that while the UK is out of recession commercially, the impending rise in the cost of credit, hikes in unemployment and cuts to benefits all mean "the public's recession starts here."

kevin Still, Director of Atlantic Financial Management says: "The recession has drained the financial reserves of millions of UK households and the equity for many homeowners, leaving those at threat of a major loss of income very vulnerable. Non-borrowing debt solutions like Debt Management Plans (DMPs) that can assist during a transitional period of financial hardship may prove invaluable during these tough times." ADNFCR-2613-ID-19951926-ADNFCR