The rising level of personal debt in the UK has become a huge problem over recent years, and over the past three years it has become an even greater concern, with the global credit crisis and the recession having caused chaos when it comes to consumer finances. Household budgets have been further affected by the government spending cuts and the VAT increase, not to mention the soaring cost of living. 

With all of these issues it is little wonder that so many people are now struggling to stay on top of their financial commitments. Many have reached the point where they cannot cope with their debts any longer, and need to get financial help and assistance from experts in the field who are able to help them to reach a suitable solution.

It has now been announced that the government is investing a further £27 million into face to face debt advice for consumers who are struggling. The funding will last for a year, and could help those that need to get advice and assistance from someone to get help as quickly as possible before their financial and debt problems get any worse. The Citizen’s Advice Bureau was set to lose many advisors as a result of government spending cuts but this funding could help to secure the jobs of some of these debt advisors for at least one more year.

Secretary of State for Business Vince Cable stated: “It´s vitally important that everyone has access to free debt advice, and I am pleased to announce that the Department for Business will provide the £27 million necessary to maintain the programme of face-to-face debt advice. While the Government has maintained funding for this programme, it provides only a small part of the revenue necessary to keep the Citizens Advice network fully functioning. I would like to take this opportunity to call on the other funding streams, such as from local authorities, to help provide whatever support they can to keep this excellent service going.”