Rising unemployment and other factors have led to a massive increase in the number of men seeking debt advice.
According to the UK’s largest debt charity, Consumer Credit Counselling Service (CCCS), the number of men seeking debt advice has massively increased over the last 3 years.
This rise is put down to a combination of factors, including rising unemployment, slower rate of salary increases and rising household expenditure.
Commenting on the findings chairman Malcolm Hurlston said: “Men have been hard hit by the recession and are emerging as the new underclass. Debt alone is no longer the problem; it is loss of income and other rising costs.
This deterioration in the economic circumstances for men, still the main breadwinner in most homes, has serious implications for many households.”
As MoneyHighStreet covered last week, personal debt continues to grow. The debt figures for April showed that the total debt owned by UK individuals is now greater than the whole country produces in a year.
Debt advice can help you address your debt issues through such as an Individual Voluntary Arrangement (IVA) or Debt Relief Order (DRO). If your debts are getting out of control the sooner you take action the better.