Middle classes ‘seeking debt solutions’

More middle-class people are contacting organisations to enquire about taking out a debt solution, it has been stated.

Adam Clarke, the head of financial inclusion organisation Transact, remarked that members are reporting higher levels of well-off individuals looking for debt advice.

Commenting on this, he said: “As redundancies increase and more households slip into mortgage arrears, we expect to see more people facing debt crises.”

He noted that the middle classes tend to have more complex borrowing issues and are more in the red than other groups.

Meanwhile, the Consumer Credit Counselling Service has stated that 12 per cent of those seeking assistance have net household incomes of over £30,000 a year, while 47 per cent are homeowners.

But only 35 per cent of its clients were able to commit to a debt management plan in 2008, it revealed, which represented a fall from 2006’s level of 46 per cent.

By Jamie Price