1.5 million people seek debt help in 2011

January 10, 2012 No Comments

The number of people seeking debt help and advice has risen in the last year, a new survey shows.

Some 1.54 million people sought help in 2011, compared with 1.4 million the previous year, the study by the Money Advice Trust has shown.

Figures also show around 10 million individuals in the UK find themselves in a constant struggle to manage their debts.

The survey, carried out by the University of Nottingham, is an update on previous work forecasting demand for debt advice in the UK.

The research predicts a sharp rise in the demand for debt advice in the first half of this year, mostly due to growing unemployment and modest wage growth.

Robert Croll of Humber Debt Solutions said “2011 was a huge struggle for many families across the UK, it seems that more familes and individuals are likley to struggle in 2012.

“With increases in utility bills and fuel costs, prices of groceries and other costs going up coupled with rising unemployment and low wage growth results in a huge squeeze on most families disposable income, people will stuggle with debts and may choose to put food on the table and keep the home warm instead of dealing with the debt.”

“The cost of living is increasing daily making it difficult to pay the bills and have a basic standard of living.”

“It is important that people are aware of the help available which can make a difference to difficult debt cirmcumstances. Do not let your debt situation sriral out of control. Get help and ensure that your debts remain manageable in times of uncertainty.