Demand for debt advice growing

2008 saw a marked increase in the number of people seeking debt advice, new figures suggest.

According to the Department for Business, Enterprise and Regulatory Reform, Government-funded face-to-face debt advice services helped over 100,000 people in 2008, and the national telephone debt advice line saw a substantial increase in demand.

Rising costs of living, combined with shrinking household incomes, led to a significant increase in the number of people struggling with debt in 2008, and various analysts have predicted that 2009 could be worse.

A spokesperson for debt management company Gregory Pennington said: “It’s to be expected in these tough economic conditions that more people are struggling with debt, and the best course of action is to contact a professional adviser who can give debt advice and, if necessary, discuss whatever debt solution(s) may be appropriate.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.