When the rest of the country looks at life in London, there are many emotions which come to mind. Some people may be jealous or envious of the fact that London has so much going on. There is no denying that London is a vibrant capital city with something for everyone. There is a great deal of entertainment and leisure activities in every inch of London so if you are looking to make the most of your time and your life, you may find that London is the place to be.

There are plenty of ways, however, in which life in London isn’t so rosy. The cost of living in London is massive and a lot of people find that they are out of their depth when it comes to living in the capital. It is correct to say that London debt problems are growing and there needs to be a greater level of focus placed on financial issues in the English capital.

A major debt advice charity, StepChange, has revealed figures that suggest people living in the capital are more likely to be behind on their monthly bills and payments. People living in London are also more likely to have higher borrowing levels than people in other parts of the country. This means that London debt problems are notable and there needs to be an understanding of these issues.

Dealing with London debt problems?

The charity released a report entitled London In The Red which is based on analysis of 15,000 clients. The average level of debt for their London based clients is £12,402 which is 3.5% higher than the average level of debt outside of London. Another interesting fact comes with the fact that London residents are 40% more likely to turn to StepChange in the first place. This gives an indicator that London debt problems are very serious and that there is a need for proper guidance and assistance in coming to terms with debt and getting out of debt.

There is often an image of London, based on the high property prices and financial sectors, that life in London is for the affluent and well off. Sadly, the London figures are usually impacted on by the small number of very well-off people and the volume of people who are living comfortably on the edges of London.

There is a significant level of debt in London and this is an issue that is unlikely to change any time soon, unless proper action is taken.