The new year has started. And with it, will come stress and worry to many families. With the festive season over, counting the cost of Christmas will have added to peoples ‘financial fear.’ However, many of us find it daunting to seek help,
Seeking help. ‘Admitting problems helped us get debt-free’
A recent report from a leading debt charity analysed calls received from people struggling with debt. It found that 43% said they had not sought help earlier as they were too stressed about their debts.
Some families are racking up debts with more than 20 creditors, then waiting for more than two years to seek help, new research has found.
Those in the red risk worsening their financial situation by failing to organise repayment plans early on.
“You can self-diagnose yourself on the internet for ages, but eventually you have to do something about it.”“Seek out good advice and get help.”
The analysis, also suggested that stress and other mental health issues were important reasons why people failed to seek free and impartial advice.
A similar proportion said that they felt too ashamed or embarrassed to ask for help.
The analysis suggested that people were finding themselves in financial trouble by simply taking out too much in credit, then having difficulty paying it back, with a similar proportion finding they were unable to manage their borrowing after job losses or ill health.
Recent statistics have shown more tenants with debt problems and more people getting behind on utility and council tax bills.
‘Debt should not be a taboo subject.’
Various organisations are supporting the Talk Money Week awareness campaign, urging people not to see finances as a taboo subject. The aim is to try to cut the length of time it takes for people to seek help.
The government-backed Money Advice Service has suggested that many people are hiding credit card spending from their partners’
One debt charity said that there were knock-on effects on unmanageable debt on health, housing, and well-being.
“We already know the huge sense of relief that people feel when they successfully become free of problem debt, often after years of hard slog to achieve that result. But what is exciting to find is that, for four out of five people, worthwhile benefits are felt just three months after taking debt advice.”
The finance industry has also accepted it can do more to prevent people getting into financial hardship.
“Sometimes it can be difficult to talk about money even with close family and friends, let alone a qualified professional,” said Maike Currie, investment director for Fidelity International.
“Most adults are not financial experts and may only know the basics about money management so jargon-free, easily accessible guidance needs to be provided by the industry.”
“Shortage of good debt advisors.”
Debt charity figures have also shown that there is a shortage of good debt advisors. The need for expert debt advice is more urgent than ever before.
The first step to getting help is always good expert advice. “This is what families need. Getting the right help can turn lives around.”
Helping 1000s of people since 2007.
At Ramsey Lomax, we have been helping 1000s of people since 2007 to help them regain control of their finances. Struggling with debt can be overwhelming. It can affect our whole lives. We understand how hard it is to take those first steps.
You are not alone.
But, talking to someone who understands and will never judge is the best way forward. There is help available. Call us for a friendly chat and let us see how we can help you. There is always a solution to debt. Our expert advisors have years of experience in helping people and we are fully authorised and regulated by the FCA, so you can trust in our professionalism. We will always put your interests first and do our very best to help you.
Finding a good debt advisor is often a relief. At Ramsey Lomax, we have years of experience in helping people. One thing to remember is that your chat with our advisors is completely confidential, free and without obligation. For many of our clients just getting it off their chests and having a sympathetic ear to talk to can make all the difference. At Ramsey Lomax, we understand ‘financial fear’. We have helped 1000’s of people to find a lasting solution to their debt.
Ramsey Lomax is fully authorised and regulated by the FCA, the Financial Conduct Authority. We also have a 5 star Trustpilot rating.
Taking that first step is not always easy but is a crucial step towards helping you to find financial freedom.