Phil MeekinView Profile
A report published by the Children’s Society and debt charity StepChange has revealed more than a million families are struggling with ‘problem debt’.
What is ‘problem debt’?
The survey classified ‘problem debt’ as being behind with at least one bill or credit payment. On average, the households who took part in the survey each owed nearly £3,500. This equates to an estimated £4.8bn for all households across the UK.
The survey suggests ‘problem debt’ currently affects nearly one in five UK households. It also found families were taking out loans for essential items such as food and heating.
Matthew Reed, Chief Executive of the Children’s Society, said;
“Families are increasingly relying on debt as a way to make ends meet – but we’re in danger of ignoring the impact this is having on children now and in the future”.
The report investigates the impact debt has on children, with some suffering from anxiety and bullying.
Getting into debt
It can be surprisingly easy to fall into debt, and reasons can range from credit card and loan repayments to paying out for something unexpected, like a new washing machine. Debts can spiral and leave you feeling overwhelmed and no longer in control. It can be scary facing up to personal debts, and lead to sleepless nights, worrying about how to make ends meet and plan for the future.
It can be tricky budgeting your finances especially when you have a family. To illustrate this, we have teamed up with a number of family bloggers who will be keeping their very own spending diaries to record how much money they spend and on what.
Over a million UK households are struggling from ‘problem debt,’ according to a survey by the Children’s Society and StepChange. Getting into debt is easier than one might think, and indebted households are more likely to suffer from anxiety over their futures and find it harder to save.
Here at Wilson Field, we offer personal debt advice to help you take control of your finances and get your life back on track. We can help you find the right financial solution to suit you. Our friendly and professional team can help you start making the right steps towards tackling any personal debt issues you might have and reduce your monthly outgoings to a more manageable amount. Contact us today for free impartial advice with no obligation.