Personal debt is on the rise

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People needing advice from the CAB’s money adviser are currently waiting two weeks for an appointment, says manager Francis Le Gresley.

he increase follows the trend in the UK, where rise in debt seems to be related to the continuing lower interest rates.

We’ve been seeing quite a lot of new cases of debt,’ said Mr Le Gresley, ‘but I don’t think interest rates are a relevant factor in Jersey.

People who borrow will do that anyway.

Most use store and credit cards which charge very high rates of interest.

He said that the recent redundancy announcements could generate yet more cases of debt, as people used to relatively high levels of earnings found they were no longer able to sustain the same spending.

If you are in a secure job, you don’t expect to lose it,’ he said.

‘That’s where we anticipate new areas of concern – people on high incomes will have to adjust to a different lifestyle.

Some of the new cases we see are people trying to live beyond their means, but a lot of people are looking at a range of debts.

They are not particularly attracted by low interest rates.

Some are happy just to keep paying the minimum monthly repayment on their credit cards.

A self-help debt pack is available on the Citizens Advice Bureau website at www.




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