Home > News > Debt advice

More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Huge demand for debt advice

17/09/2009

Debt advice agencies have been hit with a `tidal wave` of demand for debt advice thanks to the recession, according to a senior figure in the Financial Services Authority (FSA).

Chris Pond, head of financial capability at the FSA, has stated that "Advice agencies have been swamped with a tidal wave of cases [in relation to debt] as a result of the credit crunch," the BBC reports.

People seeking debt advice are often faced with long waiting lists of up to two months.

Furthermore, the recession means many people are seeking a `different kind` of debt advice - according to Stephen McKay, Professor of Social Research at the University of Birmingham, "Most financial advice is on how to manage your existing finances, whereas most people fall into debt because there`s a major change in their circumstances, such as losing their job."

Looking ahead, the FSA is aiming to build on the debt advice it already provides to the public.

Its Moneymadeclear Pathfinder programme was launched in the North West and North East of England earlier this year, and is due to go live nationally in April next year. The programme offers help over the phone, online and in person, providing advice on a range of financial topics, such as money management, debt management and coping with unemployment.

---

Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according