Unemployment rise means more debt management worries

Steve Shaw — Wed, 16 Sep 2009 14:29:16 +0000

The number of people worrying over their debt management looks set to increase, as unemployment figures released today are at their highest level in 14 years.

In the three months to July, around 210,000 more people have been made unemployed, and the jobless figure now stands at 2.47 million, according to the Office for National Statistics.

People claiming for unemployment benefit rose too in August to 1.61 million, up 24,400 from July – the highest on record in over twelve years.

As people’s household finances are impacted by the reduction in income, debt help organisations warn that the number of people struggling with their debts will soar.

Ivan Cooper, Chairman at debt management specialists Chiltern, said: “More people than ever are out of work and are finding re-employment difficult in the current jobs market.

“Whilst incomes may fall as work dries up, people’s credit commitments unfortunately don’t follow suit – so they can be left with major debt problems developing.

“In all cases where you’re struggling to maintain payment, it’s worth seeking impartial debt advice.”

Employment minister, Jim Knight, said the government was doing all it could to return people back into work.

He said: “We’ve got to make sure that as we get back into growth, we grow jobs as well. That’s why we need an active government committed to tackling work, to tackling joblessness.”

Reputable companies like The Debt People, Hamilton Locke and Chiltern can offer simple and free debt advice, to help alleviate any debt problems, along with being able to recommend a suitable professional solution where necessary.

The level of unemployment is now at its highest since May 1995.

Unemployment rise means more debt management worries is a post from: TheDebtPeople.co.uk

TheDebtPeople.co.uk » Unemployment rise means more debt management worries

Unemployment rise means more debt management worries