During the last twelve months, more middle-class households have been affected by debt management problems, according to latest findings.
The study by leading debt management specialists Chiltern, found that households from traditional middle-class areas had increased over the last year faster than other sectors of society.
This could be due to the financial turmoil increasing unemployment and redundancies, as companies have had to shed more of their higher paid management staff in an effort to reduce expenditure.
These people have generally had access to greater levels of credit, based on their earnings, so when they are without work their debt problems are at risk of accelerating due to their higher living costs.
Ivan Cooper, Chairman at debt advice organisation Chiltern, said: “Our research has shown that the economic climate has affected a wider section of society than previously thought.
“Generally speaking, households with lower incomes are affected most by a financial downturn, but we have seen more from the middle-classes contacting us for debt advice than previously.”
Mortgage affordability tests to spot potential debt management issues
