Media Comment: Banks’ warnings over the surge in personal debt

In response to the banks’ warnings over the surge in personal debt, Craig Simmons at The Money Advice Service comments:

‘As Alex Brazier said, household debt in moderation is not a bad thing. However, when money worries start to become a problem, for example if you find yourself using credit to pay essential bills or falling behind on them, it’s important to remember that you don’t need to deal with it alone.

No matter how big or small you think the problem is, there are experts out there who can help – confidential, anonymous and free debt advice is available across the UK and the debt advice locator tool has all the information you need to make the first step www.moneyadviceservice.org.uk/en/tools/debt-advice-locator

Money Advice Service research shows that people who have debt advice feel less stressed about dealing with their finances and sleep better afterwards.’*

Biography: Craig Simmons – Sector Coordination Manager (debt)

Craig joined the Money Advice Service in October 2015 and manages the team responsible for coordination of the debt advice sector in the UK. Amongst ongoing projects, a key area of focus for his team is improved customer journeys into debt advice and more consistent creditor practice. Previously, Craig spent five years with the FCA where he led aspects of its Quality of Debt Advice Review, helped launch its new Consumer Credit regulatory regime and managed its oversight of a number of life insurance firms. He also spent 2014 on secondment in Glasgow where he led development of Money Advice Scotland’s new strategy for 2015-18.

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*Understanding the Impact of Debt Advice. Jan 2017 https://www.moneyadviceservice.org.uk/en/corporate/publications