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More people defaulting on debts

16/07/2009

The Bank of England has said that the number of people defaulting on their debts has risen, and is expected to continue rising over the next few months.

In its latest Credit Conditions Survey, the Bank said that the state of the economy had led to an increase in the number of people unable to repay mortgages and other debts in the second quarter of 2009.

The survey also revealed a decline in the availability of unsecured lending over this period, although secured loan availability had risen slightly.

A spokesperson for Debt Advisers Direct commented: "The Bank of England`s figures suggest that despite the reported signs of economic recovery, debt problems will continue to affect many people.

"It`s important that anyone struggling with debt does not hesitate to contact a professional debt adviser, who could help them to find the best way of clearing their debts."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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