Money Advice Trust launches new information hub

by Gill Montia

Story link: Money Advice Trust launches new information hub

The Money Advice Trust (MAT), a charity that exists to increase the quality and availability of free, independent money advice, has launched a new online information hub.

The website aims to be the most authoritative source of data relating to debt, credit and money advice in the UK.

According to MAT, the move has been welcomed by the Government, credit industry and the voluntary sector as it will assist in creating a clear picture of issues relating to debt and money advice.

Information available on the website will be drawn from a wide variety of organisations including the Citizens Advice Bureau, government departments and the credit industry.

Some of the key facts already displayed are as follows: 74 properties will be repossessed today, Estimated to rise to 123 a day during 2008; there were 25,264 insolvencies in England and Wales in Q1 2008; 165,000 households in the UK are estimated to be using an illegal lender; young people in mortgaged accommodation have average unsecured debt levels of £20,290.

In addition: comparative levels of debt for the over-50s are now almost four times higher than those of their counterparts in 1995; people with mental health problems are three times more likely than other people to be in debt.

The new website is being promoted by comedian and writer Stephen Fry, who says his own bipolar condition has given him first hand experience of the difficulties of debt brought on by poor mental health.