- Wednesday, 29 July 2009The Citizens Advice Bureau (CAB) has handled more than 400,000 calls relating to the inability to repay debt over the past year.
The figures could result in a rise in the number of people seeking professional debt advice in the hope of resolving the financial problems that led them to call the charity.
Figures released by the International Monetary Fund (IMF) in April suggest that seven per cent of Europe's consumer debt will be written off as a result of people defaulting on their repayments.
Tom Howard, spokesperson for the charity Consumer Credit Counselling Service, said: "If you are struggling to make payments on you credit cards - especially if you are failing to meet your minimum obligations - then it is a sign you could be getting into serious trouble.
"You need to take steps to confront your situation and rectify it as soon as possible."
The IMF believes that the 14 per cent of consumer debt in the US is set to be written off - double that of Europe.
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