The Consumer Credit Counselling Service (CCS) has produced figures showing an increase in the number of men seeking debt solutions. The sharp increase over the past three years is put down to a combination of things, such as: pay freezes; rising unemployment and increased household expenditure. The last, of course, has been evidenced by the rising inflation rate as seen in the graph below:
CCS chairman, Malcolm Hurlston believes that men are emerging as the new underclass, with debt being just one of many problems they experience.
As we highlighted last week, the total UK personal debt figure now exceeds our total gross domestic product.
If you are troubled with debt, take action NOW! You could perhaps consider an Individual Voluntary Arrangement (IVA) or a Debt Relief Order (DRO). Whatever action you take, the CCCS or Citizens Advice will be able to give you good, impartial advice.