Big fall in number of Islanders struggling with debt

Tuesday 16 June 2015

The number of Islanders struggling with debt has fallen dramatically, according to the Citizens’ Advice Bureau.

The charity, which provides free and impartial advice, has seen the number of people asking for help with debt fall by a fifth over the past two years and the total amount of debt has fallen by 64 per cent over the same period.

The CAB’s annual report for last year reveals that 278 people contacted the bureau for advice about debt in 2012 but this fell to 219 in 2014. And the total value of debt fell from £5m to £1.8m over the same period.

CAB Chief Executive Malcolm Ferey said: “I would think that the economy really has turned the corner and we are at last seeing better times ahead.

“Perhaps the financial education and the joined-up thinking with the Community Savings Limited and the Jersey Consumer Council is also making an impact on these numbers, preventing people from getting further entrenched in debt by offering budgeting advice and practical financial solutions to long-term debt problems.”

Mr Ferey added that a new law, currently being drafted, to introduce a ‘debt remission order’ as an alternative to being declared ‘en désastre’ would have a positive impact on Islanders facing a debt crisis.