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Debt problems `affecting more affluent`
20 May 2008
A national advisory body for debt advice centres has claimed that debt problems are growing in some of the least expected locations.
Transact - which represents over 1,200 debt counselling agencies - claims the credit crunch has left many professionals living in some of the UK`s most affluent areas seeking debt solutions.
Director of Community Money Advice (CMA) Heather Keats comments: "We are seeing a new type of client. Teachers, police and banking and service sector workers, many of them homeowners, are struggling with mortgages, secured loans, and credit card debts.
"They were already financially stretched but have been pushed over the edge by dearer credit and big increases in food and utility costs."
CMA research figures show that the number of people seeking debt solutions has risen 85 per cent on average in the last 12 months, with that figure rising to 234 per cent in the historically affluent city of Tunbridge Wells.
Transact was established to promote best practice and cohesion across the various types of debt management agencies.
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