20% rise in people in debt going to CAB

Triker

Seems like the debt bubble is getting bigger.

Been on a few news reports today that the Citizens Advice Bureau have seen a 20% rise in people in need of debt advice. We're not even near christmas and the aftermath.

Perhaps Martin could put out some posters in the CAB's with this website details on in order for those who are struggling to access this fantastic resource.

Snaggles

I think that's a really good idea Triker!! Oi Martin, sort it ahhhht!

fermi

:eek::eek:

http://news.bbc.co.uk/1/hi/business/6987909.stm

http://www.citizensadvice.org.uk/press_office-20070910

Citizens_Advice wrote:

Credit card debt and problems with unsecured loans dominated, accounting for 40% of the CAB debt caseload. One in four of all debt enquiries concerned credit and store cards. Consumer credit debt problems of all kinds increased by 14%, while problems with overdrafts and unsecured personal loans increased by more than 18%. Enquiries about bankruptcy jumped by 50%.
But the figures also indicate that many hundreds of thousands of people are increasingly struggling to meet their day-to-day living expenses. Gas and electricity debt problems shot up by a third (33%), while council tax debt enquiries went up 25% and telephone debt problems by 19%. Problems with mortgages and secured loans were up 11%

Gemmzie

Interesting, wonder if we're going the same way as the yanks

ZTD

fermi wrote: »

I wonder what they define as "new". Just from reading that graph and getting

700K
700K
900K
1000K
1000K
1000K
1000K
1100K
1200K
1500K
1700K

which comes to a total of 11.8 million over the last 10 years - which seems a tad high. Some of that has to be repeat custom.

ZTD

Gemmzie wrote: »

Interesting, wonder if we're going the same way as the yanks

In which way exactly?

rog2

Gemmzie wrote: »

Interesting, wonder if we're going the same way as the yanks

I would think so, as we appear to be financially 'joined at the hip'.

It is, however, interesting to note that the American Government will, often, use interest rate cuts as an effective tool to help debtors who can no longer meet their regular payments, whereas the UK appears to adopt the opposite principle by raising interest rates and 'accepting' that this will result in increasing numbers of insolvency.

rayday2

UK governments just don't seem to trust us, we get taxed highly and then the credit system giving it us back, personally I would rather do away with tax credits have a better tax code and know how much we have a month rather than waiting nervously each April to see what we have for the year.

On the flip side though I think I am rather grateful to learn at this point I could not go on borrowing and borrowing before I got to endanger the house. Its swings and roundabounts.

ZTD - there has over the last month been a financial crisis in the worlds money markets because of the USA - I think I am right from news reports here - that there has been over the years a lot of sub prime lending and huge defaults, the money markets have panicked at how this will effect teh world money market, so been buying currencies up etc to stabalise things.

On the plus side this was a factor in the Bank of England keeping interest rates the same this month, sadly if you are wanting a sub prime mortgage these companes have gone nervous and put there costs up they are hugely LIBOR rated so don't exactly follow the Bank of England.

PasturesNew

rayday2 wrote: »

we get taxed highly and then the credit system giving it us back

I wish! If you are single, live alone, earn about £15,000, then I think you get £15/month back.
Most single people living alone and earning this or less probably don't even know about it either, so not claiming it.
I don't claim it because my situation changes SO often I'd never be able to keep on top of keeping them informed.

Karmacat

Good grief - single and living alone, thats me - I didn't even know that someone like me could *ever* be eligible for tax credits. My income is slowly dipping so I'll keep an eye on that. Thanks PasturesNew.

madmoney_2

PasturesNew wrote: »

I wish! If you are single, live alone, earn about £15,000, then I think you get £15/month back.
Most single people living alone and earning this or less probably don't even know about it either, so not claiming it.
I don't claim it because my situation changes SO often I'd never be able to keep on top of keeping them informed.

with all due respect pastures, it is the same for those of us with partners and children, tax credits have messed up my claim on several occassions, despite my informing them at every change of circumstance, both myself and my partner work, and are unable to claim childcare costs as it would vary from week to week so rather than having to pay tax credits back we look after ds between us.
I wish I didnt have to claim tax credits and keep informing them of my changes in circumstance but the extra money is a necessity in our lives.