Residents in Wokingham worried about credit card debt

06/11/2008

According to the Citizens’ Advice Bureau (CAB), residents in Wokingham are worried about mounting debt on their credit cards resulting in many of them turning to the CAB for help.

As a result of the credit crunch and the increase in cost of living, many residents in this area are resorting to putting extra expenses onto their credit cards in order to make ends meet. This is a familiar picture around the UK as consumers struggle to make payments including bills and monthly mortgage payments.

Manager of the town’s CAB, John Ferguson said, “Things are getting worse for people from a financial point of view. Their payments are going up and they can't afford them or they are surviving by using their credit cards, which then leads to more issues.”

He said that this comes as no surprise as the town’s residents resort in putting expenses onto their credit cards. Unfortunately for the residents, they have had no choice but to go down this route.

Mr Ferguson commented that as many as one thousand three-hundred people visited the branch in the last six months to get some advice on the growing debt problem.