Credit Crunch on Middle Class Home-owners - May 08

Ever increasing numbers of middle-class home-owners are being pushed into crippling debt and despair as a direct effect of the credit crunch.

White collar workers, rather than benefit claimants and poorer members of society, are the ones now begging for help, according to UK debt charities.

Affluent areas like Tunbridge Wells in Kent, Haywards Heath in West Sussex and Congleton in Cheshire are among those feeling the ever increasing pinch.

Jamie Elliott, co-ordinator of financial advice charity Transact, said: 'Our services, with the credit crunch, are being overwhelmed by a whole new breed of debtor: middle-class people.'

The latest figures show the number of people seeking help from just one charity, Community Money Advice, has leapt by ~85 per cent.

CMA senior debt adviser Emma Russell said: 'I've had at least two clients sit in front of me and tell me they would have killed themselves if they hadn't found out we were here.'

One quick note - please don't consider suicide, it is meaningless and feeble way of dealing with the problem - People are there to help. One company that we can reccommend is PayPlan.

The figures come off the back of more gloomy property market news – house sales could fall at least 40 per cent this year and the number of mortgages available has more than halved.

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