Debt difficulties to be discussed

A financial advisory service is set to discuss Britain’s rising debt management difficulties, it has been revealed.

According to the Ryedale branch Citizens Advice consumers owe some £1,919 billion through personal loans, mortgages and other forms of borrowing, reports the Gazette & Herald.

Now the firm is to meet in Malton to converse on how people can manage their finances better.

Chairman of trustees for the organisation Pamela Anderson claimed that debt matters are becoming an increasingly important part of life for many households.

She told the publication: "Families become threatened with homelessness as they prioritise payments incorrectly; paying things such as credit cards or catalogues instead of rent or mortgage payments."

Meanwhile, about a third of the 6,252 inquiries received by the branch last were reported to be related to debt management difficulties.

However, Datamonitor recently suggested that Britain’s appetite for borrowing through personal loans and other forms of credit could be slowing due to "high consumer debt and weakened consumer confidence."

Interfinancial providing you with breaking debt management news.