As the price of debt goes up people are increasingly facing difficulty with their finances, experts have suggested.

Shortage of credit facility coupled with drop in income is making it more difficult for a growing number of people to cope with the recession, said director of Credit Action, Chris Tapp.

Reports quoting the expert added that borrowers were still paying up debt accumulated before 2007 and find it even harder to settle the debt due to redundancy and or drop in income.

According to him, employment problems were a serious cause for concern given their huge implication for people’s income.

Fall in the value of the stock market, he said, has also aided the fall in wealth level, although it might not have direct consequence of personal loans taken out by individuals.

Meanwhile, in a different development, Korean’s have recently increased their debt-repayment ability to more-than-yearly high despite a rise in personal debt level, the country’s central bank has said.