PPI holders struggling with debts
04 February 2010
Consumer debt has reached a collective £1.5 trillion, new figures have shown, with many people unable to get the help they need to reduce it.
According to a report from the National Audit Office, debt advice agencies cannot cope with the demand for assistance, with the number of people seeking help rising by 30 per cent over the last year.
The average individual debt in the UK works out to £56,000 per household, which could encourage some to launch a payment protection insurance (PPI) misselling claim to reduce it.
Consumer minister Kevin Brennan said: "It is crucial that when people are struggling with debt, they seek help as soon as possible. The government will not hold back from helping those most in need."
Brits are being drawn into a spiral of debt by misusing zero per cent balance transfers and succumbing to the temptation of store cards, IVA.com recently claimed.
Posted by Lee Mulholland
