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