Number of people seeking help for debt soars to one every 53 seconds

A record 600,000 people sought advice for debt problems last year – one person every 53 seconds – a debt charity has warned.

The number of people looking for help with money problemsroseby9percent,according to Stepchange, while the average unsecured debt of the charity’s clients has increased for the first time in eight years from £13,900 to £14,251.

The charity is calling on the government to commit to a “breathing space” scheme to better support hardpressed households who fall into financial difficulty. The 0 Stepchange chief Mike O’connor is calling for change scheme would see those who seek advice for debt problems potentially given a period of six months to a year in which interest and charges are frozen and enforcement action is halted, in order to give that person time get back on their feet.

Mike O’connor, chief executive of Stepchange Debt Charity, said: “Too many people are borrowing just to get by, struggling to save, working hard and finding it difficult to make ends meet. The record number of people coming to us for help shows how dealing with debt is a daily challenge for ordinary households.

“Borrowing is growing at its fastest rate in ten years and for the first time since the economic crisis of 2008, the level of problem debt we see is also rising. If this continues, the social cost of personal debt will increase even further.”