Debt problems - Let’s nip this in the bud now

The Money and Budgeting Service (MABS) has experienced a huge upswing in the number of people with mortgages seeking financial advice in the first half of this year.

The service, which has 53 offices and 240 staff nationwide, has seen a change in the profile of the kind of people presenting with debt problems. One in every four new clients now appearing at MABS centres are people with mortgages, up from one in five last year.

The average debt of clients has also been increasing sharply. In 2006 those seeking advice owed an average €6,500 each, but that rose to €7,600 in 2007, an increase of 16.9%.