Average debt for Redbridge residents above £19k and rising, says charity

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.

You may also want to watch:

“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.

Most Read

Call the charity on 0800 138 1111 for free advice and help with budgeting and debt management.

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter