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Debt counselling application soar

The number of inquiries from indebted people for debt counselling has surged in the first week of the New Year according to Business Live. Quoting DebtBusters, Business Live says that the number of inquiries has "more than doubled" since the same period last year.

6 Jan 2012

Company chief executive Ian Wason says that it appears people have been taking out new unsecured credit to settle current debts and now they have to face the reality of not being able to pay what they owe.

According to Business Live, he says that DebtBusters has been mandated by 95% of credit providers to extend terms and reduce interests rates down to zero if necessary to allow over-indebted clients to pay their bills.

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