Local economy bears brunt of recession

Published 16 Oct 2009 10:11 1 Comment

THE recession is definitely hitting home as debt and unemployment levels reach record levels in the area.

A report by the Peebles Citizens Advice Bureau has shown that in the last year they dealt with over 400 debt enquiries, with money owed totalling nearly £2.5 million.

John Montgomery, Manager of the Peebles and District Citizens Advice Bureau said: "There has been a steady increase in the number of people seeking our help. However we can only measure the number of people who approach us, in reality the statistics of those people experiencing difficulties could well be higher.

The rising number of financial queries has meant the Peebles branch has had to employ a money adviser for the first time in it's history.

Mr Montgomery explained: "With the current economic climate the need for an expert financial adviser had grown significantly. Having a part-time money worker has proved a real boost to the bureau. It also frees up the time of our other workers, allowing them to help more people."

The post, funded by the Scottish Government, is guaranteed until at least March 2010.

Unemployment queries rose by an unprecedented 100 percent in the last year, the majority of which were redundancy related.

The increase in the number of jobless has also put pressure on the bureau to try and help more people understand their benefit entitlements.

Mr Montgomery said: "We are now having to deal with people who have never needed to use the benefit system and it can be a very complex process for those who don't understand how it works."

The report also details a significant increase in housing related enquiries, with the recession leading to more home owners unable to make their mortgage payments. And Mr Montgomery is cautious about the future of the local economy.

"It is very difficult to say what the future holds, but early indications suggest that debt levels in the first half of 2009 have continued to rise."

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This article appeared in Peeblesshire News 16 Oct 09

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• 

  Gold Coins
  Unregistered User
  Oct 18, 04:33
  Report comment

  This simply shows that many people really need money to survive recession.
  
  Regards,
  
  http://www.goldcoinsgain.com
  
  Recommend?   Yes 0     No 0

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