Debt problems surge as consolidation fails

clock

Debt problems have increased by 15% in January, compared to a year ago, while 66% of people taking out consolidation loans use them as a "licence to go spending again".

Citizens Advice, the national charity, says a survey of around 230 bureaux in England and Wales revealed they had dealt with more than 83,000 debt problems in January, the equivalent to more than 3,700 debt problem every working day. It says this is a rise of 15% compared to January 2006, with the problems reported showing an increase in issues relating to basic essentials such as fuel and housing costs, along with council tax arrears, telephone debts and water and sewerage costs. In addition, the CAB says debts relating to credit, store and charge cards still remain high, with the surv...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers look to capital accumulation in Q2 2025

Advisers look to capital accumulation in Q2 2025

Interest in inflation protection nudges up

Jen Frost
clock 18 July 2025 • 3 min read
For companies – and their investors – management matters

For companies – and their investors – management matters

'Management, whatever the setting, really is a difference-maker'

Gabriel Sacks
clock 17 July 2025 • 4 min read
'No difference in my view': Reeves LTAF-ISA decree not enough to make platforms offer them

'No difference in my view': Reeves LTAF-ISA decree not enough to make platforms offer them

Retail platforms await further rule change details

Eve Maddock-Jones
clock 16 July 2025 • 4 min read