Blog

‘Demand increases for help with debt management’

September 24, 2010 at 1:31 pm

Perhaps it should come as no big surprise to learn that the recent recession has had a huge impact on people’s finances and, in many instances, their attitudes towards spending and debt.

For some, it has come as a much needed wake up call, with Mintel’s recently published report (Consumers’ Attitudes towards Debt) showing that 39% of us are now more careful about the way we spend our hard earned cash. However, for some who were previously teetering on the brink of debt, it has pushed them over the edge. Sadly, many of these people are carrying on spending as before, citing their lack of financial organisation as the reason.

Payplan, a national organisation giving free advice on debt, is now concerned that debt problems are likely to continue to rise. Last year saw a 20% increase in clients seeking help and figures so far this year bear out the fact that this is likely to rise for 2010.

Payplan issued a warning last month to consumers seeking help. If they are not careful, they could end up paying dearly for debt advice, up to £100 in fees in some cases, making it ever harder to become debt free.

Payplan and other organisations like them offer free debt plans, which are easy to set up and follow. They negotiate with creditors on their clients’ behalf and in many instances are able to freeze interest and charges, making it far easier for the client to feel in control, repaying the debt at a rate that is fully affordable for them.

Posted in Uncategorized |

Leave a Reply