Debts & Loans

Whereas once debt was a dirty word, recession hit Britain has now accepted that these days every man and his dog are worried about their financial security.

With personal debt increasing by £1 million every 4 minutes, according to the latest figures from Credit Action, it is clear that debt problems are getting more serious and affecting a greater number of people – from all backgrounds.

One of the trends noted by many experts in the debt management sector is that more professional, financially astute people are asking for help with managing their debts.

Mortgage and debt advisor Michael Montague, who recently won the EuroDebt Newcomer of the Year award, confirmed the trend, saying: “Recently we’ve had evidence that debt is moving up the social ladder and affecting a great deal more people.

“Historically, it’s been mainly blue collar workers struggling with their debts; now we’re seeing a lot more white collar workers with problems.

In the last few months we’ve helped a vicar, an owner of a sports shop, a chemistry lecturer and even the head teacher of a private school.

“The type of client you now see in front of you is normally very professional and forward thinking. They haven’t buried their head in the sand whilst bailiffs knock at the door, they know that they have financial problems and that if they continue, things are going to get worse.

They’re bright enough to know when their clean credit history is being affected and they’re pro active in coming forward.”