8 May 2008
Families in south Yorkshire may be in for a difficult time this summer as the price of debt, which could have been added to by personal loans, really begins to take hold, one firm has stated.
According to UK Consumer Debt Line, nearly 2,500 were made insolvent in the county in the last year, reports the Sheffield Telegraph.
One man who got in touch with the body was in total panic, he said, while a woman had generated debt to the tune of £156,000.
The owner of UK Consumer Debt Line, Tony Wilkinson, suggested that the credit crunch is starting to make a real impact.
He told the news source: "This is a little known government-endorsed scheme to help people owing more than £15,000. Subject to qualifying it allows you to write off what you can't afford to pay, with monthly payments over five years."
Other refinancing options are available, Mr Wilkinson noted, such as consolidation loans and remortgaging.
This week the personal finance writer Cliff D'Arcy said that debt is a "slippery slope" that can get worse very quickly.