Growing numbers of debtors set for the future

14/11/2011

Experts believe growing numbers of people across the UK are struggling to keep on top of their debts during the current financial crisis.

David Rodger, Managing Director of registered UK debt charity, Debt Advice Foundation, said he anticipates an increase in the number of people approaching the charity for financial advice in the future.

According to Mr Rodger, decreasing government funding is contributing to this increase, as is the fact that inflation is rising whilst wages remain stagnant.

He urged individuals ‘not to suffer in silence’.

As a further blow, a total of 27,500 homes have been repossessed so far this year, figures from the Council of Mortgage Lenders have highlighted. Repossession as a result of mounting debt problems may have an adverse affect on Britons’ retirement plans, and the number of houses taken into possession by mortgage lenders this quarter may have reached 9,200.

Tags; Current UK Economy, Debt Management and Banking, Housing Debt and Bills,

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