A snapshot of the UK's debt problems
We know that there are five danger signs of a debt problem. These are:
- missing household bills
- maxing out credit limits
- applying for debt consolidation
- taking loans to pay credit and
- borrowing to cover job loss
We also know that 41% of our clients wait over a year before seeking debt advice. We want to help people avoid debt problems recognise the danger signs and seek help sooner.
We created an online debt danger signs test to indicate if a person would benefit from debt advice. 5,600 people completed this test. Of those 71% showed one danger sign, worryingly 32% showed three or more.
During Debt Awareness Week we gave debt advice to 15, 717 people. In one week we dealt with £266 million of debt. These are massive figures but we know there are millions more people ignoring the danger signs of a debt problem.