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Helplines forecast receiving a call about debt every four minutes in January
20 January 2021, 00:04
Demand for debt help is expected to jump when coronavirus support measures eventually end.
A Government-backed money guidance service expects to have received a call about debt at least every four minutes during its opening hours throughout January.
The forecast is for the Money Advice Service helpline, based on demand levels last year.
The Money and Pensions Service, which funds debt advice from organisations such as Citizens Advice, StepChange and National DebtLine, anticipates that demand for debt advice will increase over the next 12 to 18 months, particularly when coronavirus support measures end.
Caroline Siarkiewicz, chief executive at the Money and Pensions Service said: “We know many people have been helped by the furlough scheme and special flexibility on products such as mortgages and loans, but there are likely to be challenges when these come to an end.
“If you are worried about the impact of Covid-19 you can also use the money navigator tool on the Money Advice Service website which will provide tailored guidance based on your circumstances, to find a way forward with your finances.
“The new year is a good time to take stock of your finances and review your household budget to see if there are areas where you could make adjustments.”