EuroDebt sees debt advice enquiries rocket by 114%

The number of home owners seeking debt advice soared by 114% in the three months to January 2009 compared to the same period last year.

Debt management provider EuroDebt reports that unsecured debt for home owners rose to £38,683.33 in December 2008 from £37.087.36 in December 2007.

The number of home owners approaching the company with existing mortgage or secured loan arrears remained static at 21%.

Kevin Still, director of EuroDebt, says: “We have seen a significant shift in the number of clients who are home owners looking for help from debt management in the last six months.

“The increase in the average level of unsecured debt for home owners who signed up to our debt management plan is also a concern.

“This is highly indicative of the spiralling debt that families are facing, particularly with the spectre of job losses or loss of income making it hard to see how they can stay on top.”

He adds: “Clearly many people are struggling under the current financial pressures, making it more important than ever that individuals take stock of their situation before it reaches a critical point.”