DEBT is an increasing problem for high-earning and older Welsh people, a major report reveals.

A study published today found that in the last five years the number of people in the over-60 age group seeking help with their debts had more than doubled.

The Debt in Wales report by the Foundation for Credit Counselling found those aged 40 to 59 is overtaking the 26 to 40 age group as the largest percentage of clients.

More women have debt problems than men and their relative numbers are increasing.

Among Welsh clients, 44% are homeowners, compared with 39% for the UK as a whole.

The study has been welcomed by Social Justice Minister Dr Brian Gibbons, who praised the role credit unions can play in helping people obtain finance.


He said £3.15m had been awarded to Citizens Advice Cymru under the Face-to-Face Debt Advice Fund to help tackle the problem, while Trading Standards in Wales have successfully bid for £500,000 to establish an All-Wales Illegal Money Lending Enforcement Unit.


Consumer debt in the UK now stands at £1,355bn. Dr Gibbons added that by September 2008 financial literacy will be formally taught to all children.


“This will put schools in a much better position to help young people appreciate the consequences of their actions as they reach adulthood and are able to access credit,” he said.


The Debt in Wales report is based on the experiences of 10,669 clients who had an in-depth counselling session between 2003 and May 24, 2007 with the Welsh Centre for Credit Counselling.


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