The need for people to be provided with debt advice has “never been greater”, it has been claimed.
Beccy Boden Wilks, a spokesperson for the Money Advice Trust, revealed that the charity has received double the amount of calls it would normally deal with over the past year.
“The indication is that there are definitely a lot of people in difficulty,” she commented.
Ms Boden Wilks went on to say that “nobody can predict” how long the recession in the UK will last for, but noted that they usually run for around five quarters.
How long the country is in recession depends on factors such as bank lending and unemployment, she explained, adding that the situation at the moment is a “very difficult” one.
Recently, the Financial Services Authority reported that there were 339,700 homeowners in arrears during the third quarter of 2008.
In addition, 13,161 homes were repossessed in this period, it stated.
By Jamie Price