Cornwall Debt Increases

The credit card debt in Cornwall is rising quickly. The average debt started at 1100 pounds and is now at 1600 pounds. This is almost a 500 pound increase since last year. In other parts of the country the debt has only risen 12 pounds according to reporting agencies making Cornwall at the top of the list. The figures were found by doing a study on the growth and debt across the UK. McKenzie, a bureau manager for Carrick Citizens Advice, says that he has been seeing more and more people with problems. Most of the problems are in paying their mortgage debts, in fact this has increased nationally at about 35 percent.

This amount has made Cornwall look all the worse because they have lower wages, season jobs, and a high cost of living. The individuals in Cornwall are trying to decide if they should heat their house or eat according to the analysts. Penzance also said that credit cards haven’t been paid off completely in 12 years. In other words many are carrying a balance from as far back as 12 years. Those who owe, especially a high debt around 9,000 pounds will just get themselves deeper and deeper in debt. It is hard to pay off debts when you have a lot of family and other struggles going on, though many individuals are trying.

Some don’t have any inclination to pay off debts. A person, Mark Rowe, who has been in an accident and is on benefits is unable to pay his debt. He owes two amounts of 300 pounds and HSBC has given him a loan of 600 pounds, but with the accident he can’t work. This means he doesn’t have the extra cash to pay off the debts he has accrued. Some companies will refuse to extend credit, but he still gets some offers in the mail.

Back To Financial News May 2008

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