Middle Class Debt Problems
Experts have said that the middle class have been hit by a devastating debt crisis and even those with well paid jobs are having financial difficulties.
Debt advice centres that are situated in middle class areas have seen a huge increase of 500% in the number of people that have been visiting their centres for help and there have also been fears of suicides as a result of people feeling despair and shame.
Examples of just how bad the situation is getting have been given by financial advisers and include:
- An IT consultant who had an annual salary of £28,500 and a debt of £28,500 and also a county court judgement against him.
- A TV producer who was on £70,000 a year and who had £26,500 credit cards as well as other debts and also £25.500 in secured loans that were secured by his property.
- A retired bank manager who received an income of £40,000 and £110,000 of debt which had been accumulated with the help of loans and the debt from 20 credit cards.
These debt problems are staring to occur more and more as a result of the credit crunch and cheap mortgages are disappearing, food prices are going up as are petrol, utilities and other essential bills and items that people need to pay for.
It is now being found that those who have been tempted by cheap credit over the last 10 years are now finding that they cannot meet the repayments on their debt anymore.
This epidemic is spreading so fast that it has been reported that some debt advice centres have had to turn people away who had been looking for some debt management guidance as there were not enough experts on hand to help.
These debt problems are staring to occur more and more as a result of the credit crunch.
It is now being found that those who have been tempted by cheap credit over the last 10 years are now finding that they cannot meet the repayments on their debt anymore.
Some debt advice centres have had to turn people away who had been looking for some debt management guidance as there were not enough experts on hand to help.
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Print Article | Download PDF | 20 views | Jul 24 2008
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