Don’t let debt problems get you down - Debt - News - Moneyfacts

News

Don’t let debt problems get you down

Don’t let debt problems get you down

Category: Debt

Updated: 08/03/2011
First Published: 13/08/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The recession might officially be over but the fallout from the downturn continues to impact the lives of many, particularly with regards to how people are choosing to manage their finances.

Almost two fifths of consumers recently told the research firm Mintel that the recession had made them more careful about their spending, heeding the wake-up call about the potential fragility of their financial situation.

Yet the same report suggested that as many as 1.5 million adults are 'really struggling' to meet their financial commitments and may have missed at least one payment recently.

Younger adults and those on lower incomes were said to be more likely to fall into this group.

Given more and more people are now finding themselves in an increasingly difficult financial position, it is unsurprising that requests from people seeking debt advice have been on the rise.

Indeed, one debt advice helpline recently reported a 22% surge in the number of calls it had been receiving, and it is feared the volume could continue to grow further still.

For most people, debt is an unavoidable fact of life, and while repayments are able to be met, there is nothing to fear.

However, start to skip a repayment or two, and the situation can quickly spiral out of control.

Seeking debt advice before things can get out of hand is vital.

Potential sources of help and guidance include the Consumer Credit Counselling Service, the National Debtline and the Citizens Advice Bureau.

Whichever path those with debt concerns choose to take, it will definitely be a step in a right the direction.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Millennials losing sleep over debt

Money worries can keep people up at any age, but new research has found that a staggering one in four adults under 34 have lost sleep over financial troubles. Many are feeling pressure not just from their bank account, but also their loved ones.

Would you go into debt to bag a bargain?

It can be hard to resist the lure of a bargain, particularly at this time of year. However, while it should be a way to cut costs, it seems that some get carried away, and end up spending far more than they should – and get into debt as a result.

Overdraft charges add millions to problem debt

Charges on unarranged overdrafts are spiralling, says StepChange Debt Charity, adding millions to problem debt – and there are calls for them to be capped as a result.
 
Close