The number of people at risk of personal insolvency could be on the increase as it has emerged that an online debt counselling tool has seen its popul…
The number of people at risk of personal insolvency could be on the increase as it has emerged that an online debt counselling tool has seen its popularity increase recently.
Debt charity the Consumer Credit Counselling Service has announced its Debt Remedy option has had more than half the amount of users it had last year in the first three months of 2010.
So far this year, 86,444 individuals have utilised the service, while 152,872 consumers did so in 2009, which was almost two-thirds greater than the total for 2008.
Head of e-services at the CCCS Paula Searle commented: “Debt is an emotive issue and can lead to feelings of shame and embarrassment which often hinder people from seeking help.”
She added that counselling on the matter can help prevent these problems from spiralling out of control.
Neil Munroe, external affairs director at Equifax, recently predicted personal insolvencies could be on the increase, despite the country emerging from the recession.
By Joe Shervin