Lower Wages has seen household debt soar.

Lower wages have meant that household debt has risen by a third to record levels in the last ten years.

Figures released by the Office of National Statistics, ONS, at the end of last month have revealed that median earnings in April this year were still £20 a week below where they were when the UK entered its deepest post-war recession in 2008.

Squeeze on wages sees households struggling to cope.

A new report has found that workers are struggling to cope with the impact of a prolonged squeeze on wages.

Analysis from the TUC report shows that the average non-mortgage debt of a working family had hit £14,200.

Increased reliance on credit cards, bank loans, payday lending and other unsecured forms of borrowing is becoming the norm for many families and households.

Pressure on family budgets.

The TUC said the cumulative loss to the average working family over the past 11 years had been £14,278.  They added that the previous 11 year period from 1997 to 2008 had seen a “strong and consistent” increase in wages.

The average worker was £32,657 better off in 2008 than they would have been if real wages stayed at 1997 levels, it said.

Pressure on family budgets was also reflected in the continued rise in personal insolvencies. 

 In the first three quarters of 2019, 93,042 people declared individual insolvency, meaning the total for the full year was likely to surpass the 115,000 reported in 2018. The highest since 2010.

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“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.

Find out how Ramsey Lomax can help you and if you qualify to write off up to 80% of your debts.

RAMSEY LOMAX – helping 1000s of people since 2007

Getting help with debt problems is ‘vital.’

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.

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Taking that first step is not always easy but is a crucial step towards helping you to find financial freedom.

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• See if you qualify for an Individual Voluntary Arrangement. An IVA is a government-backed solution that could write of up to 80% of your debts.  Please read below for more information about other solutions that may be available to you.