The government has announced it is to spend £45m on employing 500 debt advisors over the next two years, saying that it was vital for people with debt problems to get independent advice rather than risk falling prey to loan sharks.

A large portion of the money, £33m, will be channelled through the Citizens’ Advice Bureau, who estimate that it will enable them to give face to face advice and aid to an extra 100,000 people a year.

A spokesperson for the CAB said the organisation was ‘absolutely thrilled’ at the news, and that it represented a vote of confidence in the debt advice the charity gives to 1.25m already each year.

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