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Insolvency experts: Saving plans hampered by debt

Published on 4 May 2010 under category: legal

Many people are still having problems saving money as a result of debts they incurred in the past.

The UK Insolvency Helpline revealed that it has dealt with 30 per cent more calls so far in 2010 compared to the same period last year.

Richard Sorsky, chief executive of the organisation's Debt Advice Service, said that wage increases are not that common so workers are having to make do with their income.

"Living costs are rising yet most people we speak to have not had a raise in five years. That is the problem," he explained.

"How can you save with things so expensive now? The only people without this flat income right now, might be those who have a bonus element to it, like commission."

Figures from Credit Action show that the total level of UK personal debt stood at £1,464 billion at the end of February.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.