Average Exeter debt rises by over £1,000

The average level of debt among clients of Exeter Citizens Advice Bureau (CAB) has risen by over £1,000 according to figures released by the local charity today.

The average clients’ debt now stands at £13,450 up by £1,091 on the previous year. 

Some commentators have warned that high levels of personal debt in Britain may bring problems in later life with new research from Bristol University showing a strong link between financial problems and poor mental well-being in older people.

David Hayes, Research Associate at the Personal Finance Research Centre and author of the study, said: "This research supports the findings of other researchers that debt may be both a cause and consequence of mental health.

“However, the magnitude of the relationship that we uncover here is quite staggering.

“The research proves beyond all doubt how poor mental wellbeing and poor financial management are inextricably related, and has implications for policy in the fields of health and debt.

“Future work is now needed to unravel the nature of this complex relationship, to provide further material for policy makers in these areas."

Locally Exeter CAB has helped 3886 clients directly with advice since April 2013, an increased uptake in their services.

Exeter CAB report an increased demand in a range of areas compared to the previous year with a 51% increase in problems about housing association rent arrears.

The charity also reports a 44% increase in problems with local authority rent arrears and a 42% increase in problems with telephone and broadband debts.

Exeter CAB Chief Executive, Steve Barriball, said: “Positive economic news is welcome, as are cautious but ever-increasing predictions that the economy is leaving one of its darkest periods.

“Despite the positive economic news, we have seen client debts increase by over one thousand pounds compared to last year. On average, our clients now have debts of £13,450.”