Debt charities on standby
Article Category: IVA (Individual Voluntary Arrangement) Help and Advice
Debt charities are standing by for the annual post-Christmas torrent of calls as borrowers struggle to keep up with credit repayments.
January is normally a month, following the consumer frenzy of the festive period, when many people wake up with debt-laden financial hangovers.
Calls to charity National Debtline in the month last year soared to 26,532 - more than double the December figure.
At the Consumer Credit Counselling Service, another helpline, calls also went up steeply.
Borrowers tying to keep up with sky-high mortgage repayments and rising living costs, could lead to this year’s situation being worse than normal.
Paul Mullins, chief executive of National Debtline, said: "The post Christmas period is the busiest period for the debt advice sector, as the expense of Christmas often tips many households into unmanageable debt.
"Christmas is always an expensive time of year and this has not been an easy year for the economy."
He warned over-stretched borrowers that debt management companies advertised in the media were not always able to offer clients a full range of options.
Impartial, free advice was available from the charitable sector for people in difficulties.
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