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 su...

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

Wealth Club launches UK's first private markets SIPP

Wealth Club launches UK's first private markets SIPP

45% income tax relief

Patrick Brusnahan
clock 24 March 2026 • 1 min read
Rebalancing act: Sometimes doing very little in portfolio management is the hardest thing to do

Rebalancing act: Sometimes doing very little in portfolio management is the hardest thing to do

'More often, it's the quieter disciplines that matter most'

Phillip Young
clock 23 March 2026 • 3 min read
Crypto investors receive 40 times more HMRC tax warnings than stock traders

Crypto investors receive 40 times more HMRC tax warnings than stock traders

Data shows enforcement activity shift

clock 19 March 2026 • 2 min read