A record number of people contacted a debt counselling service with their concerns in the first half of the year, according to figures from the Consumer Credit Counselling Service (CCCS).
In the first six months of the year 161,558 people called the CCCS freephone helpline, which represents an increase of 18.5% over the first half of 2006.
This is the highest amount of enquiries that the charity has ever seen, and increases concerns that many families are being pushed over the edge by recent interest rate rises and increasing household costs.
In just the last quarter, the charity received a total of 74,568 calls from people with debt worries, though this number has dropped slightly from the first quarters figure if 86,990, which can be attributed to seasonal overspending.
According to James Ketchell of CCCS:
“The latest figures show that people are worried about their situation. We are seeing increased pressure on individuals, with interest rate rises and an increase in essential living costs.”
“Debt has also become a big issue and people are coming to us early for help – which is a good thing.”
According to official stats, 30,075 people in England and Wales went bankrupt or took out an Individual Voluntary Arrangement between January and March this year.
Debt experts now expect the number of individuals filing for bankruptcy in 2007 to exceed last year’s record total of 107,288.
If you are experiencing problems with debts secured on your home, and are facing the risk of repossession, contact Molae Properties about the services on offer.