ANTRIM Citizens Advice Bureau are helping local residents deal with up to £1 million in debts in each year, the Times can reveal.
The local organisation, which has a hugely successful branch in Antrim, has seen a "significant" increase in both the number of people seeking advice and the amount of debt people are getting into.
"We're dealing with around £1 million in debts each year and it's increasing year on year," Rose Edge, money advice worker with Antrim CAB, said.
She said that in the past two years in particular, there has been a big increase on people seeking advice.
"The problem is the easy availability of credit; it used to be people had one credit card at the most but now we're helping people who have two, three, four cards," Rose said.
She added: "They're living of one card to pay the others and using them just to make ends meet."
The problem has got so severe that Rose - whose post is funded by the Department of Trade and Industry - is seeing two to three new clients every week.
"I've been in this job for the last six years and when I started it was really small debts I was helping people deal with," Rose said.
She added: "Smaller debts are no longer the norm; it's staggering how many people are living with the constant fear of debts in the tens of thousands.
"On average, most people we see have debts in the region of £16 to £17,000."
Having larges debts is only part of the problem, and Rose says the constant worry affects clients' health, both mental and physical.
"The relief people feel when they come in and see what can be done to help them is immense," Rose said.
Sadly, for many people, filing for bankruptcy is often the only solution.
"Bankruptcy used to have a real stigma attached to it," Rose said.
She added: "This is no longer the case and for many it's a last resort when their finances spiral out of control."
With Christmas just around the corner, Rose is advising people to budget carefully to avoid debt worries.
"Everyone wants to have a great Christmas but don't forget, you also have your day-to-day expenditures such as your mortgage or rent, as well as electricity and food to consider," Rose said.
If you do have to pay items using credit, Rose's advice is to look carefully at the small print.
"Check how much you're going to be paying back in interest; you don't want to paying for this Christmas come next Christmas," Rose said.
TOP TIPS
If you get into financial difficulties or find you have overspent, follow these tips:
- Don't panic and don't ignore the problem – it can seem tempting to ignore bills and threatening letters but they won't go away;
- Avoid borrowing further to try and pay off existing debt – this may lead to more problems in the long run;
- Talk to your creditors – don't just stop payments without explaining why. They can sometimes be more understanding than you might expect;
- Work out priority debts, for example. rent and utility debts – pay these first. Don't fall into the trap of paying whoever shouts loudest first;
- Work out a budget that covers all your income and essential outgoings. Only offer to pay off debts at a rate you can keep up – it is easy to be panicked into offering more than you can afford.
- And, if you find you are already in debt don't ignore the problem - come and talk to CAB for help with your debt problems;
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