May 25 2013 Latest news:
Lizzie Dearden, Reporter
Tuesday, January 15, 2013
A debt charity has said debt levels in Redbridge are rising to an average of more than £19,000.
StepChange, which provides financial advice, said the average debt for people from IG postcodes contacting the charity was £19,039 in the first nine months of 2012.
A year earlier, that amount was £18,198.
By the end of September, 485 people from the postcode area had asked the charity for help, compared to 590 in the whole of 2011.
External affairs director Delroy Corinaldi said: “The rise in average debt levels is concerning, especially when compared with the falling national average.
“Many families are struggling under a burden of debt as household budgets are squeezed by low wage growth and rising living costs.”
StepChange is warning against debt consolidation, which can create difficulties with repayment terms.
Call the charity on 0800 138 1111 for free advice and help with budgeting and debt management.