Nation's Debt Problems Could Lead to Increase in Demand for Debt Management Plan Services

    LONDON, ENGLAND, December 10, 2010 /24-7PressRelease/ -- This week debt charity Money Advice Trust has warned that a large number of lower-income families could find themselves with big debt problems in January with Christmas expenses expected to soar this year.

Figures showed that the nation's debt problem was worrying. Estimates taken from October showed that the total amount owed was GBP1.45 trillion, with the average for each home at nearly GBP60,000. Even without the cost of mortgages, debt is GBP8,500 per household. The average interest payments per home on their total debt were around GBP2,500 per year.

Experts are concerned about the number of families that could need a debt management plan because of Christmas expenditure. Figures release by market research company TNS suggested that Britons will spend GBP1.2bn less on gifts for their family and friends. Even though the average spend on presents will be down around GBP40, many debt management plan companies expect a spike in demand in January.

The charity National Debtline who provide debt management plan services as well as general debt advice, reported nearly three times as many calls for help in January 2010 compared with the previous year.

Joanna Elson, chief executive of Money Advice Trust, warned that "Debt advice charities are repeatedly hit by a deluge of people seeking advice every January" and many debt management plan experts echoed these comments with demand expected to be higher than ever this year.

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