Many of us expect our financial
situation to worsen over the next year.
According to a new survey last month, many of us expect our financial situation to get worse over the coming year. More and more of us are seeking solutions to our money worries.
With Christmas fast approaching many will rack up more debt to provide for their families. With households already struggling to manage essential living costs, using credit cards to pay bills has become a necessity.
Festive season could leave many with problem debt.
The added expense of Christmas could
see many consumers sinking deeper into debt over the new year. Consequently, many people believe their
finances are going to get worse.
Almost a third of people, 29% of those surveyed, said they thought their household’s financial situation would get worse over the next 12 months. More than double the proportion who thought it would improve.
Uncertainty over economy given as major reason.
economic uncertainty we’re currently experiencing, partly because of Brexit,
was given as a major reason by many consumers.
Uncertainty in the wider economy was given as the main reason by the largest section of these people, almost two fifths (38%).
Rise in levels of debt. Many more seeking debt help.
has seen a rise in the number of people seeking help. Reports suggest a record
number of people are seeking debt help. 331,337 people sought help in the first
half of 2019 alone. This was up from
debt per household stood at £15,880 in the first quarter of this year. £1,160
more than a year earlier. A worrying 61 of households with unsecured debt said
their repayments were a burden and more than half were concerned about debt
The TUC recently said it believes low pay, insecure work and austerity are all causes of a “growing debt crisis”.
Household bills are also a struggle for many.
Since 2014, Citizens Advice has had more people asking for help relating to household bills than debt resulting from credit. It dealt with almost twice as many issues with bills than credit last year. Council tax arrears is the most common problem and also the most common type of arrears.
If you are struggling with debt problems, Ramsey Lomax can help. contact Ramsey Lomax.
“over 12 years of dedicated advice.”
“People struggling with debt should seek help as early as possible.”
This is good advice from a leading charity. Taking the first step is always difficult but it is vital. There is help out there and solutions that can help, but you need to take the first step towards getting good debt advice. We have listened to the stories of 1000s of people and are constantly striving to help them. It is our mission to explore all their options and find a solution to help them become debt free. And what’s more, we have helped 1000s to achieve their goals since 2007, over 12 years of dedicated advice.
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 – 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.