If you can't make ends meet and need debt advice you should contact Debt Support Trust on 0800 085 0226 and we will help you with appropriate debt solutions. You can also complete a debt analyser to find out what the right advice should be.
Struggling to survive
For many families they are getting caught in the revolving doors of debt where it is costing them £200 a month just to pay off the debt.
Families are already struggling with ever increasing fuel bills, high inflation and many public sector workers stuck with pay freeze many families are pushed to the limit with credit cards.
Consumer Credit Counselling Services suggested that the typical UK house hold is using a quarter of their monthly income to pay off interest only on their credit cards.
The charity also said there was an increase in mortgage debt by around £20,000 per household; this is because house prices have risen.
CCCS said that older people will be increasingly feeling the pain of debt problems.
There is an increase in demand for debt advice from ages 45-59 from late stage professionals.
A report from CCS said: 'There has been a gradual rise in counselling demand from this group, with its share rising from 22.8 per cent in 2005 to 31.7 per cent by the end of 2011'.
It also said that debt advice will peak in 2014, this shows, the 'lasting distress caused by the financial crisis'.
With deteriorating employment conditions, expensive fuel increases and utilities and housing costs ever increasing households are struggling with their disposable income.
To fill up a typical family car is now costing more than £100.00 each time. As diesel went up yesterday to a record £1.50 a litre.
Another burden on the household finances is interest payments.
'With payment necessary regardless of economic circumstances, they pose a major threat to the solvency of many families.
'As a major spending component that must be met on time, the need to service debt is posing a significant challenge in the current economic downturn when household heads lose their jobs and income sources dry up.'
The low interest rates will have a positive effect for the struggling households though rising unemployment does not help.
The ratio used to be one in every four pounds of disposable income went to service debt however this rate fell to one in every three during the financial crisis as households acquire more debt.
In the second half of 2009 the amount of money going towards interest has been stable and the report predicted it will remain this way in the coming months.
The UK has a high rate of homeownership at 66 per cent of households, in comparison to Germany which has 42 per cent.
'With rising property prices and rising borrowing, mortgage debt has grown in importance compared with other areas of household finances,' the report said.
'This development is evident in the growing share of mortgage debt as a proportion of total household debt. This has risen from 80.3per cent in January 2000 to 86.3per cent by the end of last year.'
In 2005 repossessions of property began to increase, this was an indication that households were starting to get into financial trouble. Repossessions continued to increase until 2009 but have started to get less.
The report said: 'The last two years have seen some easing to about 36,500 but, apart from the middle of the crisis, they remain at the highest level since 2000.'
Interest payments remain a terrible burden on households.
Debt advice: "Can't make ends meet"
If you can't make ends meet with interest and charges mounting then contact Debt Support Trust. We have a range of debt solutions which could help you with your money worries.
Our friendly advisors will listen to your problem, ask about your income and expenditure and recommend appropriate debt solutions. You are under no obligation to take our advice; it's entirely your decision.