Debt help sought as people struggle to retain homes

24/12/2009

Increasing numbers of homeowners may be in need of debt solutions in January and February after a bout of Christmas overspending.

This is the suggestion of Chris Jenkins, co-owner of the Homeowners Advice Centre, who said he expects to see a "spike" in advice enquiries in the new year.

"We have found that a lot of people tend to bury their head coming up to Christmas because they have something to look forward to, presents to save for, and stick a few things on credit cards," he explained.

"As soon as the bills start to hit in January and February, that's when we have found that our inquiries have spiked, because people have over-extended themselves slightly."

Mr Jenkins went on to say that personal income worries are being exacerbated at the moment due to unemployment and job uncertainty, with Britain's economy only tentatively recovering.

Figures from the Financial Services Authority published earlier this month revealed that the number of repossessions in the third quarter of this year amounted to 14,000.

This represented a 2.8 per cent increased compared to the previous three months.

Tags; Housing Debt and Bills,

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