Charity Launches Online Debt Tools As Personal Insolvency Reaches All Time High

With personal insolvency at an all time high, national debt charity Debt Advice Foundation has launched an online debt tools section to combat Britain’s spiralling debt problems.

Figures released today show that 134,142 people became insolvent in the UK during 2009 and a report from the National Audit Office has highlighted that traditional sources of debt advice are struggling to cope with demand.

In response to this, Debt Advice Foundation, a charity which already offers advice on debt via its helpline, has developed an interactive online Debt Tools section to give people a better understanding of their finances and help them avoid serious debt problems.

Debt Advice Foundation’s Debt Tools section is unique in its holistic but straightforward approach to debt analysis and advice. The new section includes:

  • Debt Analyser – which gives people the ability to calculate the true extent of their debt problems.
  • Budget Planner - an interactive online budgeting tool.
  • Money Management Guide – a practical guide covering the basics of money management.
  • Benefit Entitlement checker link – to enable to user to maximise their income.
  • Utility price comparison link – to enable the user to reduce their expenditure.
  • Credit Score Checker link – to enable the user to identify weaknesses or inconstancies in their credit history that could be increasing the cost of their insurance and mobile phone contracts.

David Rodger, Managing Director of Debt Advice Foundation explains: “Many people still find it embarrassing and stressful to pick up the phone and talk to a stranger about their debt problems. Others are simply not aware of how severe their problems are. Whilst online tools should never replace the need for one to one advice and support from a specialist Debt Advisor, these new tools are a great way for people that have previously been unable to access the advice and support they need to start to get to grips with their debt problem.”

David continues: “I hope that these new tools will allow those that have been struggling in silence to get a much clearer understanding of their financial situation and, if it they do need help, I hope the tools will give them the inspiration they need to go and ask for it.”

The full press release is available here.

Click here to be taken to the Debt Tools section.