New information has revealed that while Brummies might have very high levels of debt, they also know when its time to get debt management advice.
According to the study conducted by a well-known debt advice firm, debt-laden residents of Birmingham owe a scary £30 million in unsecured personal loans and store and credit card liabilities.
However, the company also says its analysis showed that more Birmingham residents are asking for help with debt than the population of any other UK city.
This, the firm says, proves that those individuals are more debt savvy than people from other UK cities, because they get help before things get out of hand.
According to the director John Fairhurst: “Yes, they have incurred a substantial amount of debt between them, but they aren’t burying their heads in the sand anymore and have taken a brave and important step by picking up the phone and asking for advice.”
Over the last year, 2,397 individuals contacted the company for advice. Between them, they owed £29,339,178 in respect of unsecured debts, or well over £12,000 per person.
This amount only includes debts such as payday loans, student loans, court-ordered child support and medical bills, where creditors are not able to force the sale of assets to recoup all or some of their money.
Fairhurst went on to say that for many people living with debt is a daily problem, but individuals are becoming more honest, open and savvy about the correct way to deal with it.
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