Caerphilly branded a “personal finance disaster”
Caerphilly has been declared a “blackspot” for personal finance, after research revealing the amount of consumer debt afflicting the town.
A survey from internet directory service locallife.co.uk found that Caerphilly has more debt collectors and insolvency practitioners per capita than almost anywhere in the UK.
Tony Martin, chairman of the website, told the Western Mail that most of the residents will not be surprised by the findings as the decline of the coal industry has affected the area.
Caerphilly mayor Elizabeth Aldworth added: “I certainly wouldn’t think Caerphilly would be any worse than anywhere else and employment levels are pretty good here. I’m shocked at the statement about it being a ‘personal finance disaster’.”
Roger Clyne, who runs one of the town’s two accountancy firms, also expressed his disbelief about the findings, stating that he did not feel the town had many people in debt, or that it is an “economic blackspot”.
Meanwhile, research from The Debt Counsellors puts total debt in the country at a value of £1.3 trillion.
Consumers who are worried about the levels of their debt may wish to seek help with their debt management.
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