According to recently released figures the level of personal debt in the UK increased for the month of February, with average household debt reaching almost £60,000. This shows an increase compared to the previous month. The figures were released by Credit Action and showed that the average household debt including mortgages showed a slight increase in February compared to January.
Many debt advisors and charities have already predicted that this will be a very challenging year in terms of the number of people struggling with high levels of debt. There is set to be continued demand for debt counselling services, which is already difficult to come by because of the sheer number of people that are seeking this sort of assistance at present. Many debt advisors were expecting to lose their jobs this spring due to government and funding cutbacks but the funding was found for another year.
There are many people that are already living in the red in terms of their overdrafts, loans, and credit cards, and with fears over rising unemployment the situation with regards to personal debt levels could continue to get worse. Whilst there are a number of possible options and solutions for those that do have debts that they are struggling to repay many are finding it difficult to even get the advice that they need.
Officials have urged consumers to ensure that if their situations change in a way that leaves them struggling to repay their debt they should take action sooner rather than later before the problem spirals out of control. There are a number of debt charities that can help those that need to get advice and assistance although the amount of time it takes to get to see an advisor can vary.
Tags: level, year, sheer number, government, consumer debt, FebruaryRelated posts:
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