7 September 2009
The recession has led to a surge in demand for debt advice, according to an expert.
Chris Pond, head of financial capability at the Financial Services Authority (FSA), told the BBC: "Advice agencies have been swamped with a tidal wave of cases [in relation to debt] as a result of the credit crunch."
Another expert claimed that people seeking debt advice can be left waiting up to eight weeks.
A debt expert at Think Money commented: "The difficult economic conditions over the past year or more have put a lot of strain on many people`s finances, and in many cases that has led to debt problems.
"It`s important that people do not try to ignore their problems. The sooner the problem is addressed, the sooner they can find a way of tackling their debts."
Answer a few simple questions and we'll give you an instant recommendation on your best way out of debt.
Your privacy is important to us. All correspondence is held in the strictest of confidence and we will only request information required to find your best debt solution.Tags: debt, advice, agency, Financial Services Authority, waiting time, wait
Concern over energy debt 28 July 2010
Base rate predictions and the cost of debt 27 July 2010
Debt: unauthorised overdrafts cost an average of 167% a year 26 July 2010
Scottish insolvencies see fall on last year 26 July 2010
Debt: surge in number of bankruptcies amongst women 26 July 2010
Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider.
Call our freephone number for expert advice
Think Money Limited © 2010. All rights reserved. Pennington House, Carolina Way, South Langworthy Road, Salford Quays M50 2ZY. Company Reg No: 04926097. Registered in England and Wales.