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'Growing need' for debt advice in Wales

By Joel Stanier

12 March2021

Debt problems amongst people living in Wales could surge over the next few years, the Money Advice Trust has warned.

As concerns grow about public sector job losses in the region, the Money Advice Trust has predicted that calls for debt help could increase by around 23% by 2014. According to the Trust's research, 66,000 Welsh citizens sought help from debt advice agencies last year.

A recent report by PricewaterhouseCoopers suggested that 50,000 public sector jobs could be lost in Wales over the next few years - a situation that could leave many people in very difficult financial circumstances.

People with existing debts could be particularly vulnerable, but even those without any debts could be tempted to borrow money to get by, says an expert at Think Money.

"When it's a choice between missing mortgage or rent payments or borrowing money to pay them, a lot of people are going to get into debt. However, we would urge people instead to contact their lenders, energy providers and so on, and explain the situation to them - as many will allow some kind of break or reduction in payments until they are back in employment.

"Anyone who can't come to some kind of agreement should seek professional debt advice as soon as they can. A good debt adviser could help them find the best solution for all involved."

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Tags: debt, debt help, Wales, Money Advice Trust, PricewaterhouseCoopers

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