Over one million families struggling with ‘problem debt’

Over one million families struggling with ‘problem debt’

A report published by the Children’s Society and debt charity StepChange has revealed more than a million families are struggling with ‘problem debt’.

They 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 basic 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 looks into the impact debt has on children, with some suffering from anxiety and bullying.

Here at Wilson Field, we offer personal debt advice to help you get your finances organised and get your life back on track.

It can be surprisingly easy to fall into debt. It could be as a result of 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 debt and sleepless nights worrying about how to make ends meet and plan for the future.

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.

It can be tricky budgeting your finances especially when you have a family. 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.

Keep an eye out on our Facebook and Twitter pages to see how they get on. There may be some surprises in store for our bloggers, but do they manage to make any savings through their #SpendingDiary?

Sources: BBC News & BBC Education News

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