More first time buyers seeking debt advice

11-Sep-2007

A record number of Britons are seeking advice over debt-related problems, Citizens Advice has revealed, with first time buyers likely to be among those most severely affected.

The number of enquiries made to Citizens Advice Bureaux in England and Wales has risen by 20 per cent in the last year, the organisation has said, with a total of 1.7 million doing so in 2006/07.

The organisation cites cost of living, council tax fees and higher mortgage costs as reasons for the increase. The Council of Mortgage Lenders has repeatedly reported throughout 2007 that first time buyer income multiples are reaching record highs.

"We still see widespread evidence of people being lent much more money than they can afford to pay back, with many companies actively marketing expensive credit and loans to people who are already struggling," commented Citizens Advice chief executive David Harker.

Mr Harker added that Britons should take more care in understanding the issues surrounding using credit and money matters as a whole.

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