Debt Local reacts to the news of job cuts in banking sector

With Clydesdale and Yorkshire banks announcing more than 1,400 job cuts; Debt Local braces itself for more debt help and debt advice calls.
 
May 17, 2012 - PRLog -- Debt management company Debt Local is braced for more enquiries from people seeking debt management solutions, after the National Australia Bank (NAB) has announced that more than 1,400 jobs will be lost from both the Clydesdale and Yorkshire banks – which it owns – by 2015.

The announcement follows a strategic review in February by NAB.

The redundancies also follow an announcement by HSBC that it will be cutting 2,217 jobs in the UK by the end of this year.

Debt Local anticipates that job losses in the banking sector may further dent confidence in the financial sector and Britain’s recovery from recession – and potentially lead to more people having to seek debt management solutions.

Chief executive of NAB Cameron Clyne said that the decision to axe jobs was a response to the current financial climate in Britain:
"In the last half-year there has been a significant downgrade in the growth prospects of the UK economy – in part reflecting the drag on its recovery from heightened weakness in the Eurozone.
"The action we are taking is needed to adapt to this current economic environment in the UK – and to reposition the UK banking business to improve returns for the group over the medium term.”
NAB’s workforce in the UK will be reduced to 6,900 after the cuts.

Banking was once seen as a traditionally secure job sector, but Debt Local is now offering debt management solutions to individuals from all walks of life.

Even professionals may find themselves in a situation in which they are unable to secure permanent employment – but may not be entitled to unemployment benefits because of savings or redundancy packages, which may soon dwindle if credit card or other debts need to be paid.

Outstanding debts such as credit cards are not taken into account when Jobseeker’s Allowance is assessed and many people who lose their jobs may find savings are eaten up by monthly credit card payments while out of work.

Debt is no longer confined to those on low incomes who may have to rely on credit to make ends meet – as more professionals are plunged into an uncertain job market, Debt Local is expecting to see an increase in professionals who are out-of-work seeking debt advice and debt management solutions to help them through a difficult time.

Debt Local also notes that Ernst & Young ITEM Club has predicted that the banking and insurance sectors will continue to face even harsher conditions as recession in the UK continues. Economic output in the North East of England and Wales is expected to shrink, bringing more insolvencies and job losses.

Debt Local advises anyone facing redundancy and experiencing problems with debt to seek expert help from a reputable debt management company sooner rather than later.


About Debt Local
Debt Local is an online debt management company which has built up its client base almost solely through word-of-mouth and personal recommendation and does not solicit clients using cold calling techniques.

•   Debt Local does not employ cold calling techniques in its marketing strategies, as the company believe this potentially damages the profession’s image

•   Debt Local tailors its debt management solutions to individual client needs – including offering information about debt management products which may be suitable, even if it cannot provide these directly

•   Debt Local also specialises in arranging debt management solutions which the client’s lender or creditors may oppose if these are in the best interests of the client, rather than the creditor

•   Debt Local offers flexible solutions to its debt management clients, including a personal adviser throughout the term of the debt management arrangement – and facilities for altering the arrangement should the client’s circumstances change for better or worse.

Contact Debt Local: Make a FREE CALL 0800 044 5659 or FREE Text "HELP" to 63333
http://www.debtlocal.co.uk/
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Email:***@debtlocal.co.uk
Zip:B4 6PH
Tags:Debt Help, Debt Advice, Debt Management, Debt Management Company, Debt Management Solutions
Industry:Financial, Business, Services
Location:Birmingham - West Midlands - England
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