Croydon named as Britain's debt hotspot

Croydon has been named as the area of Britain where people are most worried about their mounting debts.

Research by a debt management firm revealed that of the 40,000 debt solution seekers, the vast majority emanated from the South London suburb.

The firm did however claim high numbers of people had also raised concerns over the likes of Coventry and Northampton.

The average debt of those who contacted the company from York stands at £145,464, the highest figure in the country, with the average debt level of people standing at £83,465.

Speaking on the research, Jason Eaves said: “Right now we are being told that the economy is ‘out of intensive care’ but there are still a few years ahead where people will continue to struggle financially. Currently there are 2.5 million unemployed and many others who have had to take jobs that pay less than their previous roles.

“Many families have seen their budgets squeezed. Some parts of the country are in recovery while other parts are still in decline; but even in more affluent areas if wage increases have not matched the rising cost of living then debt is still a problem.”

Interestingly, Redhill of Surrey, as one of London’s primary commuter hotspots, is where the fifth highest number of people who have sought debt help in the past 12 months reside.

The research proved that the transition of those seeking debt management plans has moved from those on low incomes in rented accommodation to genuine homeowners and those from prosperous backgrounds.

It could be said that this is a result of the current climate’s access to credit facilities, and an overpowering sense of consumerism where those from all walks of life are encouraged to spend expeditiously.

Croydon Debt Article from debtmanagementtoday.co.uk


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