Wealthy Areas See Debt Increase

By Author: Winston Morrison
Total Articles: 79
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Debt is fast becoming a problem that is affecting all classes, with easy credit available to everyone, whatever their income. Loans for thousands of pounds were regularly approved for people with little or no income, while wealthier applicants had access to even larger sums.

Years of haphazard lending have led to a global financial crash and we have seen levels of unmanageable debt escalate. For the first time specialists in debt are seeing the majority of their clients come from wealthy areas and owe unprecedented amounts of money.

Traditionally very wealthy areas in Kent and Surrey have reported as much as a 130 per cent increase in the number of residents requesting help with managing their debts. Those on higher incomes have found that they have access to huge amounts of money based on their sizeable income and borrowing can easily spiral out of control.

The high profile case of the father and wealthy businessman who killed himself and his family, including his daughter and their pets, demonstrates the devastating impact which debt can have in extreme cases.

A spokesman for Transact member ...
... Community Money Advice said We are seeing a higher percentage of middle and higher income clients who are struggling because of redundancy or the inability to manage their mortgage repayments, often alongside multiple credit card debts.

He added that he expects the number of people struggling with debt to rise over the course of the year, as more redundancies are expected and those who are currently scraping by will find that they are no longer able to cope.

With debt affecting so many and contributing to a failing economy and rising levels of depression, many are calling for financial education to become a compulsory part of the curriculum. In the meantime it is left up to charities such as Debt Doctors Foundation UK to hold educational days at local school and teach children about money management.

About Me:
I am a journalist with diverse experience working both online and in print. I started out in South America writing for a widely distributed tourist newspaper before returning to the UK to write financial and legal articles. I am currently employed st Debt Doctors Foundation UK, a charity which offers advice and support for those facing debt. Visit the Debt Doctors website to find out more about the charity and Investment Times Magazine to see more of my work.
I am a journalist with diverse experience working both online and in print. I started out in South America writing for a widely distributed tourist newspaper before returning to the UK to write financial and legal articles. I am currently employed st Debt Doctors Foundation UK, a charity which offers advice and support for those facing debt. Visit http://www.ddukonline.com/ to find out more and "http://www.investment-times-magazine.com/ to see more of my work Need software? Check out Tweak-XP Pro reviews