Money Advice Trust calls for greater focus on debt relief

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Money Advice Trust calls for greater focus on debt relief

Mon 9th Aug 2010

A greater focus on debt relief must be encouraged, according to a finance expert from the Money Advice Trust.

Paul Crayston, a spokesperson for the charity, explained that it is deeply concerning for him to see a general trend of more people needing insolvency advice, despite a slight fall in this number in the second quarter of the year.

He noted that before this latest report, the quantity of insolvencies in the UK has risen consistently since October 2007.

"We need to make sure, for our social and economic well being, that unmanageable debt is reduced as far as possible," remarked Mr Crayston.

In his opinion, the impact of money issues is making the work of advisory agencies even more important and as it becomes more crucial for consumers to know that there are organisations that they can turn to if they run into financial troubles.

A moneysupermarket.com representative echoed the thoughts of the Money Advice Trust and predicted there could be more insolvencies if the base interest rate is raised.

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