Record numbers seek debt advice
The number of people seeking help for debt problems has soared to record levels, according to the Citizen's Advice Bureau (CAB).CAB reports that debt problems are now the single biggest issue it handles, dealing with a record 1.7 million enquiries over the past 12 months, are 6,600 each day. A CAB spokesman warned: "There is no let-up in the rising toll of casualties from an unprecedented consumer credit boom and recent sharp increases in the cost of living. Mortgages, council tax and utilities are all more expensive." Five rate rises in the last year alone have put many people in debt under extra pressure, the CAB reports a 50 per cent increase in the number of bankruptcy-related enquiries, a 14 per cent increase in relation to overdrafts, and a 33 per cent rise in the number of people struggling to pay their energy bills. The increasing number of people struggling to pay utility bills of particular concern, and with energy prices on the rise, this is a problem that could get worse. CAB chief executive, David Harker, said: "These figures are worrying evidence that while many have enjoyed the benefits of the credit boom, a growing number continue to pay the price." Mr Harker also urged lenders not to continue to give credit to people who were already struggling: "Lenders need to do much more to check that borrowers are really in a position to keep up repayments when they take out credit."
Share this..
Related stories
Shell Forecourt Delivery Strike Set To Go Ahead
The last few months in the UK has seen an increasingly bitter battle between the Unions and an array of businesses resulting in a number of crippling strike actions. Next on the list seems to be Shell, with last ditch talks to avert a strike from drivers employed by their fuel delivery contractor falling flat. A four day strike is planned for some time over the next two weeks unless the arbitrat...
Read MoreTax Credit System Still Creaking With £1.5 Billion Loses
While the headlines will all be about the percentage of tax credits being lost to fraud, the figure of £1.5 billion includes over payment, fraudulent claims and errors within the tax credits operation. This is a problem which has now been ongoing for many years and no matter how much money the government throws at the problem, there always seems a need for more. So where did it all go wrong?
Rental market rises, Rics claims
Homeowners are giving up on trying to sell their properties - and are instead turning them over to the rental market.According to latest figures from the Royal Institution of Chartered Surveyors (Rics), 43 per cent more of its members reported that more people are asking them to help them become landlords from April to June.Over January to March, this figure stood at just 35 per cent.Additionally,...
Read MoreService industries boost UK economy
Service industries boosted the UK's economy despite a flagging manufacturing sector, official government statistics revealed today.Figures from the Office for National Statistics show that the UK's gross domestic product (GDP) rose by 0.7 per cent in the first quarter of 2007, in line with overall expectations.Although the volume of output in the production industries was unchanged manufacturing f...
Read MoreSFO confirm instances of fraud have increased lately
The serious fraud office is rumoured to be investigating at least two multi-million pound frauds which have come to light in the UK over the last few months. These cases have no association with the ongoing US investigation regarding the $50 billion investment fund pyramid scheme which recently collapsed. However, these two new investigations do reflect the increasing number of attempted frauds in...
Read More