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Debts mounting in S. Lakes
KENDAL has been named as one of the least indebted places in Britain, but that appears to be where the good news ends in the South Lakes personal finance story.
On average, Kendalians have the lowest level of non-mortgage borrowings and credit card debt than anywhere else in the country, with the exception only of Northern Ireland, the centre of Birmingham and Chesterfield
According to research by the credit reference agency Experian, residents of Kendal each owe £2,554.06 in non-mortgage debt - around half that owed by the town with most debt, Chester-le-Street (£5,248.66).
Neighbouring Lancaster also fares reasonably well at 12th in the national least in debt league table, owing on average £2,788.08.
But Cumbria Citizens' Advice Bureaux warned that South Lakes generally was suffering from increasing debt problems.
According to the CAB, the number of indebted people it was helping in the district had "hit an all-time high".
"Many people are so afraid they don't even open their bills," said CAB manager Linda Wilkinson. "Worryingly, they are often so desperate that they take out
more loans just to pay their
debts."
Evidence collected by the CAB shows that many people are being treated by their GPs for stress, depression and anxiety because of their debts.
Most people took out credit when they could afford it, said Ms Wilkinson. But then, if they lost their job or became ill or their relationship broke down, "it doesn't take long to fall into debt."
She added: "The CAB will take a long look at income and expenditure, help to maximise income, including any benefits entitlements, and negotiate with creditors.
"We can help people to get back in control."
Meanwhile, the Consumer Credit Counselling Service (CCCS) said debt levels could continue to increase due to "super-inflationary" rises in the cost of living, particularly in energy prices, and increasing mortgage costs.
The CCCS said that while the rises had hit the oldest and poorest most, they were so dramatic that even professional classes were now struggling.
Rises in mortgage costs have had a disproportionate impact on higher-income earners because they spend more of their disposable income on property.
To get free, confidential help on debt or any other problem, telephone Kendal CAB on 0870-126-4061, Ulverston CAB on 01229-585585, Windermere CAB on 015394-46464 and Grange-over-Sands CAB on 015395-33100.
8:22am Wednesday 26th March 2008
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