CAB report ‘worrying debt picture’

Citizens Advice bureaux (CAB) around England and Wales have reported what the organisation has described as a “worrying picture” of growing debt problems in communities nationwide.

Many thousands of families are struggling to become debt free and a poll of 75 per cent of all the CAB in England and Wales suggested that these facilities dealt with a collective total of 215,000 new debt issues in the first two months of 2008.

Store and credit card debt has remained as the biggest single cause of financial strain for British families, but rises in household energy bills and the cost of living have compounded a bad situation for many.

“These latest figures paint a worrying picture, suggesting a significant number of households are struggling to meet their most basic living costs,” said Teresa Perchard, director of policy for Citizens Advice.

Chris Tapp from Credit Action said recently that there has been an “astronomical” rise in the use of credit cards among consumers from across the UK.