Personal debt ‘continues to rise’

The number of people in the UK who are struggling with debt is on the increase, it has been found.

New research conducted by ClearDebt has indicated a 13 per cent rise in individuals in financial difficulty between October 2009 and March 2010 compared with the same period 12 months earlier.

The UK debt data also showed that the amount of cash owed by those in arrears has declined in the same period, with British residents required to pay back £5,000 less.

David Mond, chief executive officer at the debt resolution company, commented: “What we are seeing is more people than ever before seeking help but with lesser debts.”

The issue is becoming more and more worrying in Britain, he added, although individuals who seek advice earlier rather than later can ease their concerns.

Figures recently released by Alliance Trust Research Centre showed that inflation has risen for all age groups in the last month, which could lead to further monetary woe.

By Joe Shervin