Funds needed to tackle middle class debt
CMA urges government to increase funds to debt advice centres in middle class areas as they have seen an 85% increase in people seeking help
Insolvency experts say new figures are a good indication of what could happen
to the rate of middle class bankruptcies in the future as they show an 85%
increase in people seeking help with personal finances.
Mark Sands, director of personal insolvency at
KPMG, said: ‘These figures
are on the front line… most people go from advice to IVAs and bankruptcy.’
Figures from
Community Money
Advice reflect the hike in people attending its free advice centres.
CMA has now urged the government to increase funds to debt advice centres
because those in middle class areas are having to close their doors to new
cases.
Heather Keates, chief executive of CMA, said: ‘The government needs to look
at this again and increase funds to include middle class areas.’ A centre in
Tunbridge Wells saw a 234% increase in people wanting help.