Advice set to be at hand from Oldham's Debt Advice Service

Reporter: Martha Southall
Date published: 14 August 2018


Oldham Libraries are helping locals invest in their futures with the launch of the Debt Advice Service this September.

Nowadays, debt has become a necessity for most of us whether we are students, looking to buy a home, or simply coming up short at the end of the month.

The average First Time Buyer deposit, for example, is 106% of the average salary and average household debt is £58,540. It is no surprise, then, that debt can get out of hand; in June, there were 44 bankruptcies and 32 mortgage possession orders every day in the UK.

This is a particular issue in Oldham. In 2012, 12.1% of Oldham residents had difficulties making credit or loan repayments, which is over the national average. Credit refusals were 25.1% in Hollinwood, and there is a particular prevalence of loans in certain wards.

This is only made worse by payday loans, which can quickly allow debt to multiply.

This type of pressure can have an adverse effect on the wellbeing of individuals, with organisations such as the Money and Mental Health Policy Institute citing the clear link between debt and mental health issues.

They say that almost a quarter of those admitted to hospital with mental health conditions are simultaneously coping with financial problems, and that debt pressures can exacerbate distress and suicide risk.

Those worried about their own credit situation are not alone; it is said that over half of the adult population are concerned about their personal debt levels.

Aiming to prevent the burden becoming unmanageable, the Debt Advice Service is a locally-based company who assist their clients with debt-related issues.

They have recently announced their partnership with Oldham Library which will be launched on Friday, September 7.

Join the Mayor of Oldham, Councillor Javid Iqbal, in Oldham Library at 4:30pm on the day where you can learn more about the service, network with other agencies, and see how the problem of debt will be tackled in Oldham.

If you need help or advice with regards to debt you can contact the Debt Advice Service on 01706 404143 or visit the website at: www.thedebtadviceservice.co.uk


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