The Rising Demand for Debt Advice

In 2008, there were record levels of people looking for debt advice in a bid to solve their financial problems. It's estimated that in 2009 this number will rise further due to a number of different factors.

Here we'll take a look at some of the main reasons behind this sharp rise in demand for debt advice;

• Redundancies – At the time of writing you can't open a newspaper or watch a news bulletin without hearing about job losses and redundancies throughout the UK. Many famous names such as Woolworths have fallen victim to the economic downturn and as a result, thousands of jobs have been lost. The harsh reality of this situation is that people are left with mortgages to pay and very little income.
• Lack of savings – The majority of UK residents don't have enough savings to get by if they were to lose their jobs. With the same financial commitments going out and a much reduced income, it's easy to see how people get into financial deep water and are turning to debt advice to find a solution.
• Availability of credit – The easy access people have to credit and store cards has undoubtedly played a key part in the debt problems faced by many in the UK today. With more and more companies offering these services over recent years there has been an explosion in people finding themselves unable to keep up with the interest repayments on cards which have APR's of up to 30%.
• Awareness – All of the points mentioned above have seen an increased awareness of debt advice and the types of debt solutions available. The issues surrounding debt have also been getting a lot more press coverage in light of the current economic climate.
• The Internet – With more and more homes in the UK having access to the internet, it's opened up a whole new world of debt advice information that would have previously been inaccessible. However, the rise in popularity of online debt advice has resulted in a lot of poor and inaccurate information being available. It's always advisable to speak to someone in person about your own situation before reaching a decision.
  

Finding the courage to seek debt advice can be difficult, but it's crucial you take action early so that your debts don't get completely out of control.

If you would like more information, ring Debt Solver now on 08000 434 336 (Free for UK residents only) or complete our debt wizard to see if you qualify