CAB reports debt of more than £8m

A local Citizens Advice Bureau (CAB) has reported helping people with a combined level of debt of more than £8 million.

The charity`s Wokingham office has calculated that it has received pleas for assistance from people to manage debt worth around £8.4 million since April last year.

According to officials at the office, the UK`s economic crisis has resulted in a rise in personal debt, with unemployment and redundancies on the increase, the Wokingham Times reports.

They add that people without work face problems making their mortgage or rent payments, as well as other bills.

The average level of debt possessed by individuals who used the centre is identified at £21,000.

Meanwhile, figures produced recently by Sainsbury`s Finance suggested that UK consumers will have taken out approximately £3 billion in debt consolidation loans by Easter in a bid to get on top of their personal finances.