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Middle-class are struggling with debt, says expert
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Debt Management Help and Advice
There has been a boom in the number of middle-income families seeking debt advice from charities, one industry expert has said.
Charity advice centre training firm Transact revealed that increasing numbers of professionals and homeowners are falling into financial trouble because of cheap credit they can no longer afford to repay.
The number of people seeking help for debts rose by more than four fifths (85 per cent) in the year up to December 2007, according to Community Money Advice (CMA).
Heather Keats, director of CMA, explained that the rising cost of living has pushed those with large debt over the edge so that they cannot cope.
"We are seeing a new type of client. Teachers, police and banking and service sector workers, many of them homeowners, are struggling with mortgages, secured loans, and credit card debts," she added.
Transact claims to be the national forum for financial inclusion and aims to help people experiencing poverty or hardship through a lack of funds.
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Created on 13/06/2008 10:16:10
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