Debt charities facing a busy January
02 January 2008 17:58:06
 |
| New year financial hangover will see many calling for help |
This January is predicted to be the busiest on record for debt charities as consumers start to worry about their finances for the year ahead.
Two of the leading debt charities, the Consumer Credit Counselling Service (CCCS) and Credit Action predicted that this January would see them receiving more phone calls from worried borrowers than in previous years.
A spokesman from CCCS said: “We expect just under 34,000 calls to our helpline in January 2008, 5 per cent higher than in 2007.”
Tens of thousands of borrowers have been left crippled by the recent credit crunch and five interest-rate rises. The 0.25% cut in the interest rate earlier this month was hoped to help these stricken borrowers, but many lenders have not yet passed it on.
Additionally, according to the Association of Payment Clearing Services, an extra £3bn was put on credit cards this month taking last December’s total of £31bn up to £34bn.
Chris Tapp, from Credit Action, said: “The nature of calls might be slightly different. It used to be about unsecured credit, but mortgages are becoming a much bigger problem than they were as rising living costs squeeze homeowners.”
According to the Royal Institution of Chartered Surveyors, the number of house repossessions is predicted to increase by 50% next year to 45,000. Mortgage lenders are urging borrowers to contact them immediately if they think they may start to fall behind in their repayments.
If you are worried about your debts you can get help and advice for free from the CCCS on 0800 138 1111.
‹ Back
Other Debt News
-
Retirees provide financial family support
New research shows that UK adults are still relying on their parents for everyday living costs. -
Rural UK is broke
Rural UK is undergoing serious financial hardship. Unlike the rest of Britain, rural areas in the UK show no signs of a decrease in personal insolvencies. -
Say No to a Quick Fix Loan
Payday loans are an increasingly popular fix to financial trouble, but they are not without pain! -
Fairer terms from credit card providers
Credit card rates have not decreased with the base rate
All Debt News
Other Money News
-
Brits turn to credit cards for living expenses
Almost half of UK consumers are turning to credit cards as they struggle to cover living expenses until payday. -
Retirees provide financial family support
New research shows that UK adults are still relying on their parents for everyday living costs. -
Heartache for starving UK families
New data indicates that more and more UK families are struggling to feed themselves; as the family income has become tighter, people have to cut down on their food shopping. -
Rural UK is broke
Rural UK is undergoing serious financial hardship. Unlike the rest of Britain, rural areas in the UK show no signs of a decrease in personal insolvencies.
All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
