Young professionals face debt and repossession woes

A Citizens’ Advice Bureau in the former New Labour heartland of Islington said it is inundated with requests for help from hundreds of young professionals struggling with first-time mortgages and store card debt.

by Bernard Purcell
Friday, May 13th, 2011

The centre in Upper Street, Islington says previously affluent middle class Londoners in metro-centric professions such as interior design are unable to cope with large mortgages and personal indebtedness as the newly-opened centre sees an average 70 distressed clients a day.

At the same time, Shelter Cymru in Wales says it is dealing with a huge increase in mortgage repossessions as employed and unemployed professionals struggle to keep their homes.

It said it is experiencing a doubling in calls from clients in work from 10 per cent in pre-recession 2006/7 to 23 per cent in 2010/11 and a 38 per cent increase in threatened homelessness.

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About The Author

Bernard Purcell is Tribune's Chief Reporter
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