CCCS: Number of poor people with debt has doubled
The number of people living below the poverty line and seeking help for their debts has doubled, according to experts.
Research from debt charity the Consumer Credit Counselling Service (CCCS), states that more than a third (35 per cent) of people its counsellors saw last year, were from low-income families.
It adds that there is now a disproportionate number of people from low-income households seeking advice for debt and that the rise can be partly explained by the number of mortgage borrowers on low incomes taking out unsecured credit.
Malcolm Hurlston, chairman of CCCS, told 24dash.com: “This latest research shows that the effects are already being felt by the most vulnerable.
“Low-income homeowners are at risk of suffering the fate of the miner’s canary - being the first to succumb when the situation turns sour.”
The news comes as the Citizen’s Advice Bureau states that it received about 6,252 inquiries last year - a third of which related to consumer debt.
Consumers with outstanding repayments to several creditors may wish to take out a debt consolidation loan.
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