Middle classes suffer ‘debt woes’

Middle class families have not managed to escape the current global financial crisis unscathed, Transact has stated.

The organisation, which supports and trains agencies that deliver financial advice, has said that the number of people seeking help has surged.

Furthermore, debt in the middle classes has increased, co-ordinator of Transact Jamie Elliott noted.

“Since the credit crunch started, there has been a big increase in professionals and homeowners coming for help – you just didn’t see these people before at all,” he remarked.

And the number of homeowners seeking financial guidance has increased by 85 per cent, Community Money Advice added.

Heather Keats, director of Community Money Advice, said that people such as teachers, police constables and bank workers are all finding it difficult to meet payments for homeowner loans mortgages and credit cards.

According to Chris Tapp, the director of finance charity Credit Action, the current squeeze on consumer finances is a long-term problem.

© Adfero Ltd

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