Money News
More people are seeking help because they're having problems paying their essential household bills, according to new data from national charity Citizens Advice. Figures also show that Citizens Advice Bureaux in England and Wales saw mortgage arrears problems shoot up by 35% in the first two months of 2008 compared with the same period in 2007.
Debts relating to credit, store and charge cards still remain the largest category of debt. Unusually for the time of year, however, credit card debt problems were down by 9%, although problems with overdrafts were up almost 7% on the same period the previous year.
Teresa Perchard, Director of Policy for Citizens Advice, makes the point that in the financial year 2006/2007 Citizens Advice Bureaux dealt with 5.7 million new problems, more than 1.7 million of which concerned debt. CAB advisers around the country are dealing with over 6,600 debt problems every working day.
Perchard added: "If people have debt problems they should get help straight away. We cannot stress enough the importance of telling your creditors as soon as you have difficulties in paying - they should treat you sympathetically.
"Get free, confidential advice from a CAB or other independent advice agency that can help you work out payment plans for your debts and explain what options there are. You can also make sure that you are claiming all the benefits you are entitled to. You may be missing out on money that could help off-set your costs."
18 March 2008 © Moneyextra.com
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