Mortgage and personal loan debt advice in demand
22 December 2009 17:41:59
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| More people are struggling with personal loan and mortgage repayments. |
A growing number of people are seeking debt advice, with many expressing concern about mortgage or personal loan repayments, a charity has said.
According to a spokeswoman for the Money Advice Trust, which provides free and independent guidance on financial issues, there has been a significant rise in calls relating to debt this year.
Debt adviser Beccy Boden Wilks revealed that the trust's National Debtline service answered 175,929 calls during the first 10 months of 2009, up from 142,719 calls for the same period the previous year.
This means that there has been a 23% increase in calls for debt advice, including a 15% increase in the number of callers who were behind with their mortgage payments over the last six months, she confirmed.
"We don't make predictions about the future, but obviously when interest rates start to rise, whenever that will be, many households that are already struggling may find themselves in unmanageable debt situations," Ms Boden Wilks claimed.
Her comments followed the latest quarterly report from the Bank of England, which suggested that low interest rates and a resilient job market were helping many people to avoid serious debt problems.
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