Citizens Advice Bureau in demand

The Citizens Advice Bureau (CAB) took a massive 6.8 million inquiries last year as more and more of the UK population began to feel the financial pinch. This is a service in the UK which has for many years been neglected by consumers but appears to be back in favour due to the economic downturn. While the vast majority of inquiries received were in relation to debts there were also a large number of inquiries regarding benefits, tax credits and rising fuel bills. It seems that finally some consumers in the UK are prepared to take advice and take action before it may be too late.

Those who believe that the financial distress being felt UK population will be alleviated once the economy turns the corner may well be mistaken. It is widely expected that Bankruptcies, IVAs and Trust Deeds will continue to grow in number over the next 12 to 18 months. It is only once the economy has stabilised and began to move ahead that many banks will look to close off difficult or loss-making loans which will push many UK consumers into more financial trouble. The same can be said in the business arena where we are starting to see an increase in administrations, especially in the UK retail sector.