Some Worry Rescue of Public Sector Debt Advice May Not Be Enough
The quick reverse from the Government regarding the £27 million rescue of the Financial Inclusion Fund (FIF) came as a surprise to many who were expecting the loss of 900 specialist debt advisors from the Citizens Advice Bureaus (CAB). Instead, the FIF will have funding for 2011, but many experts say that this debt management for the public sector will most likely not bee enough to help all of those in the United Kingdom that are struggling with considerable debts.
The CAB and other agencies of debt advice had lobbied hard to keep the FIF funding going, but this is definitely a serious issue that will need more than a quick patching, say UK experts. Those who staff the CAB’s around Britain are expected to stay in place and continue offering their counsel, but consumer advocates say that there are not enough staff to help everyone. For this reason, private debt management firms continue to operate and offer their services.
As a soaring cost of living sets in with food prices on the rise across the globe due to a spate of recent natural disasters, UK citizens are also faced with heavy job losses and VAT increases that are not making financial stability easy to achieve. The Government continues to worry that mounting debt among British consumers will be a serious issue, even more so than it is today. While the injection of cash to fund CAB for a brief while longer will help, the economy is creating need faster than public sector debt advice can keep up with, thus creating a strong need for private sector debt management firms. Since debts are time sensitive, many turn to the private sector to have their needs met more quickly and stop debts from accruing at a more rapid pace.
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