Tuesday, September 11, 2007

Running on Empty

Numbers seeking debt advice soar

The number of people seeking advice on how to meet their debts has hit record levels, the Citizens Advice Bureau (CAB) has warned. At some point house prices will have to rejoin the real world.

Posted by harold @ 12:32 AM (484 views)
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3 thoughts on “Running on Empty

  • The last sentence in the article freaked me out a bit:

    “The CAB added that it needed 5,000 new volunteers to deal with the surge in enquiries.”

    Listening to people with heavy debts asking for help sounds like a soul destoying job.

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  • And the last few interest rate rises haven’t even started to kick in yet. Things are going to get very ugly indeed over the next 18 months.

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  • The article keeps referring to “last year”. These are presumably 2006 results. There had only been a couple of rate rises by the end of 2006 and they were towards the end of the year anyway. Just shows people were struggling even before rates went up – to many have taken on more debt than they could afford, it was always going to implode one way or another.

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