Research by R3 has unveiled that more than a third of individuals in the North East are worried abiut how much money they owe but seem unwilling to seek debt advice. R3, which is known for setting standards for companies helping people and businesses with their debt, survey 2,000 people across the UK.
The survey uncovered an unwillingness to seek debt help according to the chair of R3 Steve Ross. 60% of people living in the North East region of England were concerned about their credit card debt and 12% of the entire survey said they would consider using payday loans to survive. People living in the North East were also concerned with money they owed to friends and family and maintaining payments to bank loans and overdrafts.
Despite the worry people face in the North East of England with their debts, only 5% admitted to receiving debt help.
Debt Statistics in the North East of England
These worrying statistics highlight a problem for people living in the North East of England. R3’s research uncovered that many people could be misled and in the wrong debt solution. Seeking professional advice from a charity is essential if you are currently in a debt solution or even if you are taking the first steps to dealing with your debt problem.
Debt advice from a charity ensures you receive accurate debt help to enable you to make an informed decision about your debt problem.
Depending on your specific situation people living in the North East may have a number of debt options available to them. The research highlighted that a third of people did not know about the full range of debt solutions available to them.
There are pros and cons to every debt solution and often it will affect your assets (like your house or car) and your credit rating. A registered debt advice charity will be able to explain all of the pros and cons to ensure you can make an informed decision about your future.