Jan 3, 2017
National Debtline expects busiest January in years
The Money Advice Trust, which runs the helpline, said that last month was its busiest in four years. The MAT said "Perilously few" people have set a budget, or have a plan to repay existing debts. Unsecured debt, including spending on credit cards, is rising at its fastest pace in 11 years, the Bank of England said. Around 32% have set a budget they plan to stick to, and 12% have a strategy to repay debts they already owe, according to the poll of 2,000 people. "January can be a difficult month for household budgets - and it is easy to see how many people fall behind when the bills for Christmas spending begin to land," said Joanna Elson, the chief executive of the MAT. "Unfortunately our research shows that perilously few households have a plan for how to repay the debts they currently owe - and many could fall into serious difficulty as a result."
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