Consumers of all ages are seeking debt advice as personal finance problems worsen for families around the country, it has been suggested.
Richard Bristow, manager of a Citizens Advice branch in Dorset, has claimed that many people have been unable to cope with their debts in recent months as a result of having to secure a mortgage deal in a climate of higher interest rates.
With thousands of fixed-rate mortgage deals coming to an end each month around the country, even a small increase in repayment demands can have a devastating impact on individuals who are already stretched to their financial limits, according to Mr Bristow.
He told the Dorset Echo: “We’re seeing more problems with debt than anything else from people from all ages and backgrounds.
“Repossession has huge knock-on implications for the whole of society.”
The UK’s overall personal debt management burden grew by almost £120 billion over the course of the past 12 months, according to the latest data from the Credit Action charity.