Cheap credit blamed for sharp rise in middle-class debt
THE number of middle-class families struggling to make ends meet has increased substantially, with debt advice agencies overwhelmed by appeals for help from households in affluent areas of the country.
The rise in financial problems among the professional classes, disclosed by two leading debt-advice agencies yesterday, is being driven by rising inflation, the increased cost of living and the downturn in the housing market. Transact, a financial-inclusion organisation that provides support and training for advice agencies, is blaming years of cheap credit with people overstretching themselves by borrowing more than they can afford to pay back.
Transact said professionals and homeowners in affluent areas are now struggling to cope.
They include a retired bank manager from Sussex with an annual income of 40,000 and 110,000 of debt across 20 credit cards and loans.
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