Unsurprisingly, given the current financial situation, the number of people contacting debt helplines or seeking assistance online has increased from 1.4 million in 2010 to over 1.5 million in the last 12 months. Figures from Nottingham University researchers, who conducted the investigation on behalf of the Money Advice Trust, suggest that more than 10 million Brits are now in debt and struggling to deal with their finances.
Experts are predicting that the situation is only likely to deteriorate over 2012 and debt advice companies can expect a dramatic increase in the number of people seeking advice over the next few weeks as families come to terms with the cost of the festive period.
The chief executive of the Money Advice Trust, Joanna Elson, is concerned that rising prices in shops, coupled with falling wages and more job losses, will mean that UK residents are going to find it harder and harder to pay for their essentials without resorting to credit cards and pay-day loans. Elson added that many of the participants in the research had resorted to selling family treasures to deal with their debt problems, when in fact practical advice and support is only a phone call away.